Canada's QLT to buy US firm Atrix Labs in $855 million deal
Canadian drugmaker QLT Inc has made a $855 million offer to acquire100% of the USA-based firm Atrix Laboratories in a stock and cash deal, which it says will create a leading profitable biopharmaceutical company focused on ocular diseases, oncology, dermatology and urology. The deal has been approved by both boards of directors.
Under the terms of the agreement, Atrix shareholders will receive one common share of QLT and $14.61 in cash for each share they hold. The transaction value net of Atrix' cash is $751 million. Atrix shareholders will own around 23% of the combined entity and QLT's approximately 77%. Based on Atrix' closing price on June 10, the last trading day prior to the June 14 announcement, this values the US firm's shares at a premium of about 27%.
"Creates world class biopharma company"
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