Retrophin proposes acquisition of Clinuvel Pharma for $95 million

28 July 2014

The USA’s Retrophin (Nasdaq: RTRX) has submitted an unsolicited $95 million takeover proposal to the board of directors of Australian biotech firm Clinuvel Pharmaceuticals, the shares of which rocketed 28% to A$2.15 in mid-morning trading today.

Retrophin has proposed a “scheme of arrangement” for all of the shares of Clinuvel stock that Retrophin does not own for (1) 0.175 Retrophin shares per Clinuvel share, or (2) A$2.17 per share in cash. Retrophin currently owns around 4.88% of Clinuvel, which is developing therapies for rare skin diseases

Retrophin aims to unlock value of skin drug candidate Scenesse

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