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.
24.08.2014 Germany's Morphosys is licensing a preclinical bi-specific antibody for the treatment of prostate cancer from Emergent Biosolutions. The US developer will rake in up to €138m for the commercialisation rights to the compound.
20.08.2014 Biopharmaceutical contract manufacturer Fujifilm Diosynth Biotechnologies is expanding its cell culture manufacturing capacity further with a new 2,000l single-use bioreactor at the company’s site in Billingham, UK.
08.08.2014 Boehringer Ingelheim is walking away from Swedish Orexo's prostaglandin inhibition project OX-MPI. Germany's largest researching pharmaceutical company had been responsible for the project's research and development since 2005.