News

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

MicrobiomeFranceDenmarkEU

24.05.2016 One of the pioneering companies developing pharmaceuticals and diagnostics based on the gut microbiome, Enterome Bioscience, has raised €14.5m in a Series C financing round. Among the investors were Seventure and Lundbeckfond as well as Nestlé.

AntibioticsEUUKItaly

20.05.2016 The long awaited global review on antimicrobial resistance by economist Lord Jim O’Neill has been published. It sets out an action plan to defeat superbugs with a huge awareness campaign and rapid diagnostics to be used before antibiotics are prescribed.

LicensingGermanyIrelandSwitzerland

18.05.2016 Bayer is deepening its involvement in CRISPR with a licensing agreement for genome editing patents. Irish partner ERS Genomics holds the rights to the CRISPR/Cas9 tech from Emmanuelle Charpentier, one of the inventors.

M&AGermany

17.05.2016 Newly rebranded Siemens Healthcare has entered the field of molecular testing for cancers with the acquisition of Cologne-based NEO New Oncology.

FinancingUK

11.05.2016 Newly spun out company OxStem has raised £16.9m (€21.5m) to develop regenerative meds for the treatment of age-related disease. It is the largest financing for an Oxford spin-out – or any UK academic spin-out – to date.

FinancingSwitzerland

09.05.2016 Swiss Genentech partner AC Immune has raised CHF42.7m (€38.6m) in order to advance its therapeutic and diagnostic product pipeline in Alzheimer’s disease. The news follows a recently announced R&D collaboration with Biogen.

FinancingSpain

04.05.2016 Barcelona-based epigenetics expert Oryzon Genomics has closed a debt funding round of €10.5m, bringing the total money raised since last year to €27m. The funds will serve to advance the company’s two LSD1 inhibitors in cancer and neurodegeneration.

Open InnovationFrance

03.05.2016 Ipsen is strengthening its ties to long-time development partner Oncodesign, a Dijon-based cancer treatment biotech. The French pharma is handing over the pre-clinical pharmacology for its oncology research programmes to Oncodesign.

FinancingSwitzerlandEU

29.04.2016 Swiss bank Group UBS has raised US$471m (€412m) for the UBS Oncology Impact Fund, which was set up to invest in early-stage cancer treatments. The money raised by the fund, nearly half of which comes from investors in Asia, is the largest amount ever raised for such a cancer investment fund.

Industry reportGermany

27.04.2016 More revenue, more jobs, more financing, more R&D expenditure – all signs point towards sustainable growth in the German biotech sector. These are the results of the most recent company survey 2016, published by biotechnologie.de. The report was once again conducted alongside the biotech standards defined by the organisation for economic cooperation and development (OECD).

Quick news provided by GlobeNewswire

View more stock news

Events

All Events

Partner-Events

Berlin (GER)

XIV. BIONNALE 2016

Aachen

Biomedica 2016

Current issue

All issues

Product of the week

Products

Stock list

All quotes

TOP

  • BIOTIE THERAPEUTICS (FI)0.27 EUR92.86%
  • NOVACYT (F)1.63 EUR17.27%
  • PLETHORA (UK)3.38 GBP12.67%

FLOP

  • BAYER (D)84.42 EUR-5.72%
  • ALMIRALL (E)13.37 EUR-5.51%
  • MOLOGEN (D)3.20 EUR-5.04%

TOP

  • GALAPAGOS (B)51.25 EUR28.6%
  • NICOX (F)10.90 EUR26.2%
  • GENMAB (DK)1205.00 DKK24.2%

FLOP

  • BIONOR PHARMA (N)0.68 NOK-26.9%
  • MOBERG PHARMA (S)38.70 SEK-26.3%
  • BIOCARTIS GROUP NV (B)8.00 EUR-24.2%

TOP

  • CHRONTECH PHARMA (S)0.34 SEK3300.0%
  • KARO BIO (S)28.90 SEK1906.9%
  • NICOX (F)10.90 EUR489.2%

FLOP

  • NEUROVIVE PHARMACEUTICAL AB (S)5.90 SEK-86.6%
  • BB BIOTECH (D)43.88 EUR-84.9%
  • EVOCUTIS (UK)0.05 GBP-79.2%

No liability assumed, Date: 23.05.2016