BTG to acquire Protherics for L218M
UK drug developer BTG has agreed to acquire biopharmaceutical firm Protherics for L218.1 million ($391.2 million), or 60 pence per share, a 45.5% premium on Protherics' September 17 closing price. The all-share deal will grant Protherics' stockholders 0.291 new BTG shares for each current Protherics share held. The acquisition is predicted by the firms to be cash neutral from 2009/2010 and significantly earnings-enhancing thereafter. The news is surprising as Anglo-Swedish drug major AstraZeneca had previously been thought to be the frontrunner for the acquisition (Marketletter September 1).
This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.
Login to your accountTry before you buy
Free
7 day trial access
- All the news that moves the needle in pharma and biotech
- Exclusive features, podcasts, interviews, data analyses and commentary from our global network of life sciences reporters.
- Receive The Pharma Letter daily news bulletin, free forever.
Become a subscriber
£820
Or £77 per month
- Unfettered access to industry-leading news, commentary and analysis in pharma and biotech.
- Updates from clinical trials, conferences, M&A, licensing, financing, regulation, patents & legal, executive appointments, commercial strategy and financial results.
- Daily roundup of key events in pharma and biotech.
- Monthly in-depth briefings on Boardroom appointments and M&A news.
- Choose from a cost-effective annual package or a flexible monthly subscription
The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed
Chairman, Sanofi Aventis UK
Today's issue
Company Spotlight
| Headless Content Management with Blaze