News

BASF wants Pronova
Enlarge image

BusinessNorwayGermany

BASF wants Pronova

22.11.2012 - BASF plans to expand its leading position in the market for omega-3 fatty acids with an takeover of Norwegian Pronova Biopharma.

On November 21, the world’s largest chemical company in the world announced it has reached an agreement with Pronova BioPharma ASA’s Board of Directors to make a recommended voluntary public takeover offer. Under the terms of the agreement,  BASF is to pay NOK 12.50 (€1,70) in cash for each Pronova share, valuating the Lysaker-based specialist at NOK4.8bn (€664m).

With the acquisition of Pronova, BASF would immediately achieve a leading position in the growing market for omega-3 fatty acids.  BASF said it has already obtained irrevocable pre-acceptance commitments for approximately 60% of Pronova’s share capital; including the 50.0% stake held by majority shareholders Herkules Private Equity Fund, an approximate 9.1% stake, indirectly controlled by investment firms Kistefos AS and Kistefos Investment AS, with 0.3% held by members of the Board of Directors and management of Pronova.

The offer corresponds to a premium of 24% above the volume-weighted average share price for Pronova’s shares in the six months prior to announcement of the public takeover offer. 

“The intended acquisition will significantly strengthen our position in the fast growing and highly profitable market for omega-3 fatty acids. We want to combine the global market reach and experience of BASF with the know-how of Pronova in omega-3 fatty acids,” said Michael Heinz, Member of the Board of Executive Directors of BASF SE and responsible for the Performance Products segment, which includes the Nutrition & Health division. 

Pronova’s active pharmaceutical ingredients are used to treat cardiovascular diseases such as post-myocardial infarction. In nutritional applications, including dietary supplements, there is a strong body of evidence supporting a broad range of positive health benefits through omega-3 fatty acids, for example, in the areas of cognitive development or heart health. 

© eurobiotechnews.eu/tg

http://www.european-biotechnology-news.com/news/news/2012-04/basf-wants-pronova.html

FinancingSwedenNorway

31.10.2014 Another biotech is leaving the European market place in favour of a US IPO. Swedish Cortendo is now planning to go public in the US after raising €8.8m in bridge financing.

FinancingUK

29.10.2014 British VC fundraiser Advent Life Sciences has raised €184m with its second fund. The money will help seed and build life sciences companies in the UK, Europe and the US, the company said.

BusinessSwitzerlandGermanyUK

28.10.2014 Swiss pharma company Novartis is selling its influenza vaccines business to Australian biopharma specialist CSL Ltd for US$275m.

PoliticsSwitzerland

23.10.2014 Just one day before its planned initial listing, Swiss Molecular Partners has cancelled its IPO. The reason: "unfavourable market conditions".

PoliticsEU

23.10.2014 Jean-Claude Juncker can breathe a sigh of relief as MEPs voted “yes” by a large majority to his team of European Union Commissioners. Previous to the vote, Juncker had shifted the EMA back to the health commissioner in response to protests.

FinancingFrance

21.10.2014 Yet another European company is looking for money on the US stock exchange – French DBV Technologies SA is all set up for its secondary listing on NASDAQ. The French biotech company hopes to rake in US$98m for its peanut allergy patches.

FinancingDenmark

18.10.2014 After raising US$220.5m (€172m) with its IPO, fast Forward Pharma’s lucky streak hits an obstacle on the road to success with shares falling 17% on its first day of trading.

M&AUKItaly

17.10.2014 Abandoned at the altar: Abbvie has dropped plans to acquire UK’s Shire following new US tax rules. This puts a stop to one of the biggest pharma mergers planned this year.

FinancingUKBelgium

15.10.2014 Bicycle Therapeutics wins €25m backing by major pharma venture capitalists for the development of a new class of oncology drugs.

FinancingGermanySwitzerlandNetherlands

13.10.2014 Biotechnology IPOs are back in fashion – German Probiodrug AG wants to raise €32m with its IPO, whilst Swiss Molecular Partners AG hopes the launch of its IPO will gain a revenue of €145m.

Events

All Events

Current issue

All issues

Product of the week

Products

Stock list

All quotes

TOP

  • THERAMETRICS0.08 CHF14.29%
  • CYTOS0.17 CHF13.33%
  • MORPHOSYS75.99 EUR4.89%

FLOP

  • EPIGENOMICS4.15 EUR-4.38%
  • EVONIK26.20 EUR-2.42%
  • PAION2.80 EUR-2.10%

TOP

  • BIOFRONTERA2.82 EUR28.2%
  • HBM91.50 CHF8.6%
  • EPIGENOMICS4.15 EUR8.4%

FLOP

  • MAGFORCE5.55 EUR-19.6%
  • CO.DON2.65 EUR-15.6%
  • PAION2.80 EUR-13.0%

TOP

  • SANTHERA89.00 CHF2318.5%
  • CO.DON2.65 EUR167.7%
  • WILEX2.25 EUR81.5%

FLOP

  • CYTOS0.17 CHF-95.7%
  • MERCK KGAA71.68 EUR-41.5%
  • 4SC0.98 EUR-41.0%

No liability assumed, Date: 30.10.2014