Japanese drug major Mitsubishi Tanabe Pharma (TYO: 4508) has reached agreement to acquire 60% of Canada’s Medicago (TSX: MDG) at a price of C$1.16 million a share, or C$179 million ($172 million) in total. Philip Morris International (PMI) will retain a 40% stake in the firm.
Medicago, a biopharmaceutical company focused on developing highly effective and competitive vaccines based on proprietary manufacturing technologies and Virus-Like Particles (VLPs), already has a relationship with the Japanese firm to develop at least three new vaccines (The Pharma Letter March 8, 2012)
The purchase price represents a premium of around 22.1% to the closing price of C$0.95 per share on the TSX on July 11, 2013 and a premium of approximately 46.8% and 61.1% over the 30-day and 90-day volume weighted average prices of C$0.79 and C$0.72 per share on the TSX, respectively, up to and including July 11, 2013.
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
7 day trial access
Become a subscriber
Or £77 per month
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
Copyright © The Pharma Letter 2025 | Headless Content Management with Blaze