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

PoliticsEU

15.09.2014 Jean Claude Juncker, the European Commission President-elect revealed his new Commissioners last week, whilst announcing a change in the units dealing with medicines, medical devices and health technology.

BiosimilarsGermanyFrance

12.09.2014 The 2011 collaboration of Boehringer Ingelheim and Eli Lilly is bearing fruit. An insulin biosimilar developed through the partnership has now been approved in Europe - the first-ever generic version of this class.

FinancingNetherlands

11.09.2014 Cystic fibrosis specialist Proqr Therapeutics has set the terms for its upcoming IPO at US-American stock exchange NASDAQ.

Clinical TrialsUKSweden

09.09.2014 In the midst of the hustle and bustle of the European Respiratory Society’s International Congress 2014, Astrazeneca quietly announced the disappointing results of its latest benralizumab study.

BusinessDenmark

04.09.2014 After their arthritis product’s Phase IIb failure, Novo Nordisk A/S is pulling out of all research and development activities within inflammatory disorders.

BusinessBelgiumIrelandSwitzerland

02.09.2014 In the face of declining revenue, Belgian biopharmaceutical company Thrombogenics has decided to spin out its cancer research and development activities.

ResearchUKSwitzerlandItaly

29.08.2014 Just a week ago, Glaxosmithkline defused the WHO’s claim that an Ebola vaccine could be ready by 2015. Now, the British company’s own candidate vaccine is to be rushed to human trials with the help of funding from an international consortium.

BusinessGermany

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.

BusinessUK

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.

Events

All Events

Current issue

All issues

Product of the week

Products

Stock list

All quotes

TOP

  • THERAMETRICS0.09 CHF12.50%
  • PAION2.99 EUR11.15%
  • CO.DON3.00 EUR5.63%

FLOP

  • 4SC1.09 EUR-6.03%
  • STRATEC BIOMEDICAL39.80 EUR-3.40%
  • ADDEX3.22 CHF-3.30%

TOP

  • SANTHERA91.65 CHF43.0%
  • CO.DON3.00 EUR26.1%
  • PAION2.99 EUR20.1%

FLOP

  • EVOTEC3.07 EUR-18.1%
  • 4SC1.09 EUR-18.0%
  • MEDIGENE4.06 EUR-14.0%

TOP

  • SANTHERA91.65 CHF1987.7%
  • CO.DON3.00 EUR244.8%
  • PAION2.99 EUR187.5%

FLOP

  • CYTOS0.24 CHF-94.0%
  • 4SC1.09 EUR-43.2%
  • MERCK KGAA67.58 EUR-41.3%

No liability assumed, Date: 15.09.2014