Novartis makes cash offer of L305 million for UK biotech firm NeuTec
Swiss pharmaceutical major Novartis has made a cash offer to acquire the UK biotechnology company NeuTech for L10.50 per share, or a total of around L305.1 million ($572.6 million). NeuTec's board is recommending the offer and, within no time of the announcement on June 7, it had won the support of investors holding 39% of the group's shares. The news caused the UK firm's stock price to leap 84% to L9.25.
This is the second acquisition for Novartis this year, following its decision to buy the remainder of the US vaccines group Chiron which it did not already own (Marketletters passim) and still leaves the group with plenty of funds should it want to go for one of the drug majors, bidding for which it has so far not favored.
Attraction of two late-stage, not out-licensed products
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