Finland-based Biotie Therapies’ (OMX: BTH1V) proposed c 45 million-euro all-stock merger with Italian biotech company Newron Pharmaceuticals (SIX: NWRN) will strengthen its central nervous system (CNS) franchise, adding a strategic partner and a number of assets to its pipeline (The Pharma Letter September 27).
Of particular importance, says Edison Investment Research, is Newron’s Phase III Parkinson’s disease (PD) program, safinamide, partnered with Merck Serono in a $183 million global development and commercialization deal. The merger is anticipated to close around year-end (pending approval by Newron shareholders in an EGM later this month) and follows Biotie’s 94 million-euro acquisition of Synosia Therapeutics (TPL January 11).
Biotie will issue 89.1 million new shares to Newron shareholders upfront, with two contingent value rights (CVRs) of 8.6 million shares each connected to the safinamide regulatory filings (as an adjunctive therapy in early and in late-stage PD respectively). Biotie’s current holders will own 78.5% of the enlarged company.
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