Peptech to buy EvoGenix for $129M
Biopharmaceutical firm Peptech has signed a deal to acquire fellow Australia-based EvoGenix, a protein therapeutics company, for A$156.0 million ($129.0 million) to form one of the country's largest biotechnology companies and a high-profile player in antibodies and protein therapeutics.
Peptech has offered A$0.15 cash plus 0.5055 Peptech share for each share of EvoGenix, which implies a $1.12 price based on the stock's May 4 closing price. The directors of EvoGenix have unanimously recommended acceptance of the offer.
The merged entity will have an exceptionally strong balance sheet. Peptech has substantial cash to fast-track product development, having earlier this year received more than A$150.0 million from last year's sale of its share in UK company Domantis to local drug major GlaxoSmithKline (Marketletter December 18, 2006).
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