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

BioeconomyEU

26.08.2015 In its second call for proposals, the Bio-Based Industries Joint Undertaking has earmarked €106m for the research and development of useful bio-based products.

OncologyNorway

25.08.2015 Oslo Cancer Cluster is inaugurating its NOK1bn (€107m) Innovation Park. None other than Norwegian prime minister Erna Solberg officially opened the doors to the research park on August 24th.

LicensingUKSwitzerland

21.08.2015 Novartis Pharma AG has secured all remaining rights to antibody hopeful ofatumumab. Seller GlaxoSmithKline is set to receive up to US$1bn (€919m) for the treatment for MS and other autoimmune indications.

LicensingDenmark

18.08.2015 Danish Novo Nordisk is climbing on the antibody therapeutics bandwagon in a US$500m licensing agreement with antibody-specialist Genmab.

M&ASwitzerland

13.08.2015 Roche is stepping up its commitment in the fight against drug resistant “superbugs” with its takeover of US diagnostics play Geneweave, for up to US$425m.

M&AUK

11.08.2015 Biotech bug controllers Oxitec has been bought by US biotech Intrexon Corporation for $160m (€145m). The Oxford University spin-out specialises in environmentally friendly technology to control pests such as mosquitoes, which cause dengue fever and other diseases.

Research and DevelopmentFranceGermany

07.08.2015 In a deal worth more than €300m, Sanofi has partnered up with German drug discovery and development company Evotec in order to develop beta cell-modulating diabetes therapies.

M&AIrelandUK

05.08.2015 Irish pharma and biotech major Shire wants to be number one in orphan diseases, and is setting out to acquire US-American Baxalta in a US$30bn deal – by any means necessary.

R&DUKSweden

04.08.2015 In a deal worth US$65m upfront, AstraZeneca is again teaming up with long-time partner Isis Pharmaceuticals Inc., this time to discover and develop RNA antisense drugs for cardiovascular, metabolic and renal diseases.

Events

All Events

Current issue

All issues

Product of the week

Products

Stock list

All quotes

TOP

  • NORDIC NANOVECTOR (N)24.00 NOK23.71%
  • TRANSGENE (F)4.72 EUR23.56%
  • BAVARIAN NORDIC (D)41.03 EUR20.85%

FLOP

  • THROMBOGENICS (B)3.09 EUR-20.97%
  • ZELTIA (E)3.35 EUR-12.76%
  • OXFORD BIOMEDICA (UK)8.00 GBP-12.09%

TOP

  • KARO BIO (S)38.50 SEK2383.9%
  • TRANSGENE (F)4.72 EUR63.9%
  • BIOTECH PHARMACON (N)12.50 NOK33.7%

FLOP

  • THROMBOGENICS (B)3.09 EUR-42.4%
  • WILEX (D)2.05 EUR-41.4%
  • BIONOR PHARMA (N)1.26 NOK-39.4%

TOP

  • KARO BIO (S)38.50 SEK4595.1%
  • ADOCIA (F)87.65 EUR439.1%
  • GALAPAGOS (B)54.02 EUR324.7%

FLOP

  • CHRONTECH PHARMA (S)0.01 SEK-85.7%
  • BIOTEST (D)19.84 EUR-76.1%
  • NEOVACS (F)0.89 EUR-74.9%

No liability assumed, Date: 27.08.2015