Takeda to acquire TiGenix in $630 million deal

Japan’s largest drugmaker Takeda Pharmaceutical (TYO: 4502) has announced its intention to launch a voluntary conditional takeover bid for Belgium-based biopharma company TiGenix (Euronext Brussels: TIG).

Takeda intends to acquire 100% of the securities with voting rights or giving access to voting rights of TiGenix not already owned by Takeda or affiliates at a price of 1.78 euros per share in cash and an equivalent price in cash per American Depositary Share, warrant and convertible bonds, representing a transaction value of about 520 million euros ($630 million) on a fully diluted basis. TiGenix shares closed at 0.98 euros on Thursday, and leapt 74.5% to 1.71 euros when trading resumed late this morning.

Takeda already has an exclusively license to TiGenix’ lead product darvadstrocel (Cx601) to treat Crohn’s disease. Under the July 2016 deal, TiGenix received an upfront payment of 25 million euros and became eligible for a further 355 million euros milestones and royalties. In December darvadstrocel received a recommendation from the European Medicines Agency to market the product in Europe in patients with complex perianal fistulas, one of the most disabling manifestations of Crohn's disease.