Sweden's Meda wins in battle to acquire Viatris, with 750M euro bid

With half a dozen or so suitors reportedly knocking at its door, German pharmaceutical firm Viatris has succumbed to the charms of Swedish specialty drugs group Meda, which has made an offer totaling 750.0 million euros ($927.5 million) to take over the firm. Meda is buying Bad Homburg-based Viatris from the private equity company Advent International, which acquired it from German chemicals group Degussa in 2002 for a consideration of 375.0 million euros.

Under the terms of the agreement, Meda will pay 538.0 million euros in a cash and share transaction for all Viatris' shares and will assume net debt (including pension provisions) of around 167.0 million euros. News of the deal saw Meda's share price leap 27% to an all-time high of 106.50 Swedish kronor on the day of the announcement, August 8.

Drugmakers which have been reported as eyeing Viatris include two Indian firms, Wockhardt and Ranbaxy (Marketletter July 18), Belgium's UCB, Spain's Almirall Prodesfarma, Chiesi Farmaceutici of Italy and Germany's Altana.