Amryt Pharma buying Chiasma, to create rare diseases powerhouse
Irish rare diseases firm Amryt Pharma (AIM: AMYT) has signed a definitive agreement to acquire US-headquartered Chiasma (Nasdaq: CHMA) in an all-stock combination valued at around $330 million.
Market reaction to the news was a ‘Tale of two cities;’ Chiasma shares rocketed up more than 40% to $3.98 by close of trading on Wednesday, while Amryt dipped 2.5% and plunged a further 10.3% to 174.98 pence in early trading today.
The combined company will be a global leader in rare and orphan diseases with three on-market commercial products, a global commercial and operational footprint and a significant development pipeline of therapies with the financial flexibility to execute its growth plans. The transaction has been approved and recommended by the boards of both Amryt and Chiasma. The deal expected to pave a path to a combined potential $1 billion peak revenue for Amryt.
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