UK drugmakers Sinclair and IS Pharma outline merger plans
The boards of Godalming-based Sinclair Pharma (LSE: SPH) and Chester-based IS Pharma (LSE: ISPH) revealed this morning that they are in advanced discussions regarding a possible merger to create Sinclair IS Pharma, a fully integrated pan-European specialty pharmaceutical company.
Sinclair shares closed at 38 pence on Friday on the London Stock Exchange, while IS Pharma shares closed at 84.50 pence, valuing the combined company at about $200 million.
Subject to the final terms and conditions of any offer, it is proposed that a merger be effected by way of an all-share offer by Sinclair for the entire issued share capital of IS Pharma,, with the latter’s shareholders expected to receive 2.6868 Sinclair Pharma shares for each IS Pharma share.
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