Santen Pharma progresses acquisition of Novagali, gaining 50.55% stake

13 October 2011

Japanese drugmaker Santen Pharmaceuticals (TYO: 4536) says it has completed its previously-announced acquisition of 50.55% of French ophthalmology pharmaceuticals company Novagali Pharma (NYSE Euronext Paris: NOVA) for 6.15 euros per share, in a deal that values the entire company at around 100 million euros ($134.9 million).

Novagali shareholders Edmond de Rothschild Investment Partners, Auriga Partners, IdInvest Partners and CDC Innovation have agreed to sell their shares at 6.15 euros each, a 71.3% premium to Novagali's closing share price on September 28, the day before the deal was announced, the French company said.

Novagali, which posted first half 2011 revenues of 1.4 million and a loss of 6 million euros, first revealed that it might be up for sale last year, when it said it was in talks with several companies, including Sanofi (The Pharma Letter April 15, 2010).

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