News

BASF boost cash offer for Pronova
Enlarge image

BusinessGermanyNorway

BASF boost cash offer for Pronova

16.01.2013 - German chemical giant BASF has increased its offer to acquire omega-3 fatty acid specialist Pronova BioPharma.

BASF improved its cash offer price to NOK13.50 per share (previously NOK12.50). The Ludwigshafen-based company will require acceptance of more than 90%. With the takeover of Lysaker-based Pronova Biopharma ASA, BASF would immediately achieve a leading position in the growing market for omega-3 fatty acids.

The increased offer corresponds to a premium of 34% above the volume-weighted average share price for Pronova’s shares in the six months prior to announcement of the public takeover offer. Based on all outstanding shares and including all net financial liabilities, the enterprise value would be NOK4,996m (approximately €684m; previous valuation: €664m).

“Following a comprehensive due diligence review and taking into account the opportunities and foreseeable risks in Pronova’s business this increased offer is our last, best and final offer,” 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.

As of January 14, 2013, BASF had received acceptances under the voluntary offer for a number of shares representing approximately 70% of the issued shares and votes in Pronova. BASF has obtained irrevocable pre-acceptance commitments for approximately 60% of Pronova’s share capital; including the 50% stake held by majority shareholders Herkules Private Equity Fund, an approximately 9.1% stake indirectly controlled by investment firms Kistefos AS and Kistefos Investment AS and 0.3% held by members of the Board of Directors and management of Pronova.

© eurobiotechnews.eu/tg

http://www.european-biotechnology-news.com/news/news/2013-01/basf-boost-cash-offer-for-pronova.html

M&AIreland

19.11.2014 It’s not every day that a company is pushed into the top ten of its sector, but that day has come for Actavis. Christmas came early for the new pharma giant after completing a US$66bn (€53bn) takeover battle for the Botox manufacturer Allergan.

Drug DevelopmentGermany

18.11.2014 Merck KGaA and US rival Pfizer have signed a immuno-oncology alliance worth billions: Merck will share the development and commercialisation of its cancer antibody with its US partner – for €2.3bn.

FinanceFrance

14.11.2014 Cosily coinciding with World Diabetes Day on 14th November, French biopharma Les Laboratories Servier has struck a US$1bn deal with US pharma Intarcia Therapeutics for the exclusive rights to Intarcia’s unprecedented therapy for type 2 diabetes.

AwardsFranceGermanySweden

12.11.2014 Glitz and glamour are not words often used to describe science and mathematics. But once a year, celebrities from the science and showbiz world come together at the Breakthough Prizes, a glitzy television bash that honours scientists for their achievements. French life scientist Emmanuelle Charpentier was among this year’s winners.

ResearchEU

10.11.2014 EFPIA’s specialised group Vaccines Europe and the Innovative Medicines Initiative (IMI) have launched a €280m Call for proposals aimed to address the Ebola crisis.

Trade fairGermanyEU

07.11.2014 3,200 participants from 54 countries attended the 20th issue of BIO-Europe. The overall mood of the European biotech sector was modestly optimistic.

AcquisitionGermanyUKSweden

05.11.2014 German Definiens AG has a new owner: Astrazeneca’s biologics R&D arm Medimmune has taken over all the shares of the imaging specialist for US$150m.

AcquisitionSwedenDenmarkUK

04.11.2014 Galecto Biotech has entered an agreement with Bristol-Myers Squibb for the acquisition of the company and its lead drug, providing the Swedish company with the potential of reaching over US$400m.

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.

Events

All Events

Partner-Events

Current issue

All issues

Product of the week

Products

Stock list

All quotes

TOP

  • 4SC0.94 EUR2.17%
  • ACTELION108.70 CHF0.00%
  • ADDEX3.07 CHF0.00%

FLOP

  • CYTOTOOLS31.45 EUR-0.47%
  • ACTELION108.70 CHF0.00%
  • ADDEX3.07 CHF0.00%

TOP

  • CYTOS0.28 CHF75.0%
  • EPIGENOMICS5.15 EUR45.9%
  • STRATEC BIOMEDICAL48.50 EUR21.7%

FLOP

  • BIOFRONTERA2.52 EUR-13.1%
  • CO.DON2.51 EUR-8.7%
  • ADDEX3.07 CHF-7.0%

TOP

  • SANTHERA91.30 CHF2585.3%
  • CO.DON2.51 EUR139.0%
  • BB BIOTECH181.25 EUR63.4%

FLOP

  • CYTOS0.28 CHF-91.8%
  • 4SC0.94 EUR-46.0%
  • MOLOGEN7.35 EUR-41.4%

No liability assumed, Date: 22.11.2014