Nichi-Iko to acquire Sagent Pharma for $736 million
US generic drugmaker Sagent Pharmaceuticals (Nasdaq: SGNT) saw its shares leap nearly 42% to $22.006 in pre-market trading today, after Japan’s Nichi-Iko Pharmaceutical (TYO: 4541) revealed it was planning to buy the company.
The companies have entered into a definitive merger agreement under which Nichi-Iko will acquire Sagent via an all-cash tender offer followed by a second-step merger, for a total consideration of around $736 million. Nichi-Iko shares were up 4.86% at 2,092 yen in Tokyo.
The acquisition price represents a premium of about 40.3% to Sagent’s closing price of $15.50 per share on July 8, 2016. The transaction, which has been unanimously approved by the Nichi-Iko and Sagent boards of directors, is expected to close in the second quarter of Nichi-Iko’s fiscal year ending March 2017, subject to customary regulatory approvals.
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
More on this story...
Today's issue
Company Spotlight
More Features in Biosimilars
Copyright © The Pharma Letter 2024 | Headless Content Management with Blaze