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

BusinessUKIreland

21.07.2014 Abbvie’s tenacious pursuit of British rival Shire is finally paying off: The two companies have unveiled their transatlantic merger worth £32bn (€40bn).

ResearchEUSwitzerland

17.07.2014 A trans-border, cross-disciplinary project that aims to model the human brain in a computer has drawn heavy criticism from scientists pledging to boycott the project.

MergerUK

16.07.2014 After rejecting three merger propositions from US competitor Abbvie, Shire has now given up resistance to the deal and is recommending a new and improved offer worth £31.3bn.

AcquisitionUKDenmarkSpainGermanyFrance

15.07.2014 British specialty pharma company Prostrakan is handing over £230m for Archimedes Pharma Limited, a company that brings its lead product Pecfent and its proprietary drug delivery technology platform into the deal.

FundingEU

11.07.2014 Among the seven newly launched Joint Technology Initiatives (JTI) of Horizon2020 are two with deep roots in biotech: IMI is going into its second round while the newly established Bio-based Industries partnership invests in bioeconomy.

Stock marketNetherlandsUKBelgium

10.07.2014 Not one but two biopharma companies are seeking entry into the stock market: After Abzena raised €25m in an IPO earlier this week, Argen-x has followed suit and sold shares worth €40m.

M and AUKIreland

08.07.2014 Abbvie is determined to bring home British rare disease specialist Shire in a merger worth £30.1bn (€37.9bn). So far, Shire has rejected all offers from the US company.

M and ASwitzerland

04.07.2014 Genentech, a member of Swiss Roche Group, is set to acquire US-biotech Seragon Pharmaceuticals Inc. With the move, Genentech will obtain the rights to investigational breast cancer treatments.

MandAFranceGermany

03.07.2014 Nicox S.A. is stretching beyond the European market: The French eye health specialist is set to acquire Aciex Therapeutics Inc., a US-based pharma company with several ophthalmic therapeutics nearing market maturity.

FinanceBelgium

01.07.2014 Belgian antibody specialist Ablynx has raised €41.7m through a private placement of new shares and plans on boosting their range of nanobodies in development.

Events

All Events

Current issue

All issues

Product of the week

Products

Stock list

All quotes

TOP

  • CHRONTECH PHARMA (S)0.08 SEK14.29%
  • PROTHENA PLC (IE)18.44 USD6.84%
  • WILEX (D)3.28 EUR5.47%

FLOP

  • ANTISOMA (UK)1.32 GBP-14.84%
  • XENETIC BIOSCIENCES (UK)6.00 GBP-14.29%
  • HYBRIGENICS (F)1.71 EUR-8.56%

TOP

  • WILEX (D)3.28 EUR349.3%
  • SANTHERA (CH)69.50 CHF114.8%
  • ADDEX (CH)4.21 CHF92.2%

FLOP

  • MERCK KGAA (D)63.45 EUR-51.0%
  • THROMBOGENICS (B)8.55 EUR-47.3%
  • VERONA PHARMA (UK)1.12 GBP-46.2%

TOP

  • SANTHERA (CH)69.50 CHF3410.1%
  • GW PHARMACEUTICALS (UK)415.25 GBP756.2%
  • SKYEPHARMA PLC (UK)260.00 GBP314.3%

FLOP

  • EVOCUTIS (UK)0.21 GBP-92.2%
  • CYTOS (CH)0.27 CHF-92.1%
  • THROMBOGENICS (B)8.55 EUR-72.5%

No liability assumed, Date: 21.07.2014