Biotie to acquire Synosia to create leading CNS development group in $121.5 million deal

11 January 2011

Finland-based biotech firm Biotie Therapies (Nasdaq-OMX; BTH1V) has signed an accord to acquire privately-held Swiss company Synosia Therapeutics Holding AG. Under the agreement, Biotie will issue 161,448,371 shares to the shareholders and warrant holders of Synosia for the entire issued share capital and outstanding warrants of Synosia.

Based on Biotie's closing share price on January 10 of 0.58 euros, the transaction is valued at 93.6 million euros ($121.5 million). In addition, 14,912,155 shares will be issued to Synosia to be held in treasury and used to satisfy future potential exercise of Synosia's options.

The combined entity includes a promising pipeline of nine clinical-stage drug candidates; a significant international presence with operations in Finland, the USA and Switzerland. The transaction remains subject to approval by the extraordinary general of shareholders of Biotie to be held on February 1.

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