Zealand Pharma to acquire Valeritas business

USA-based medical technology firm Valeritas Holdings (Nasdaq: VLRX) has reached agreement to sell substantially all of the business to Danish biotech Zealand Pharma (Nasdaq Copenhagen: ZEAL).

News of the proposed transaction, which contemplates the retention of nearly all of the Valeritas workforce, saw Zealand’s shares fall nearly 1% to 254.40 Danish kroner this morning.

The agreement with Zealand, which was reached following a robust and extensive marketing process, provides total cash consideration of $23 million and includes the assumption of certain liabilities related to the ongoing business. It contemplates that Zealand, at close, would continue the company's commercially-focused operations and retain nearly all Valeritas employees.