Big biotech, M&A

Big biotech M&A news: Emergent Biosolutions to acquire Cangene

Posted on 13 December 2013

Tags: , , ,

M&A news : Big biotech company, Emergent BioSolutions will acquire Cangene in an all-cash transaction valued at US$222 million.

Under the terms of the agreement, which has been approved by the Boards of Directors of both companies, Cangene shareholders will receive US$3.24 per share ( C$3.44 per share) in cash.

The purchase price represents a premium of approximately 27% to Cangene's closing stock price of C$2.70 on December 10, 2013 and 45% to Cangene's 90-day volume weighted average stock price.

The acquisition will be implemented through a court-approved Plan of Arrangement under Canadian law and is subject to the approval of Cangene common shareholders, court approval and U.S. regulatory approvals and other customary closing conditions.

The transaction is expected to be completed in the first calendar quarter of 2014.

The acquisition will be implemented through a Plan of Arrangement under Canadian law and is subject to a number of customary conditions including, but not limited to, the approval of at least 66 and 2/3% of the votes cast in person or by proxy by Cangene common shareholders at a special meeting of Cangene's common shareholders, as well as court and regulatory approvals.

The terms and conditions of the M&A news and additional details of the transaction will be summarized in Cangene's management information circular, which is expected to be filed and mailed to Cangene's shareholders in early January.

A copy of the arrangement agreement will be filed on Cangene's SEDAR profile and will be available for viewing at www.sedar.com.

For further deal information visit Current Agreements (subscription required)

Related

Read: more on Emergent Biosolutions company profile, recent partnering, M&A and financing news and articles

View: Top 50 biotech – overview of top 50 biotechnology companies by revenue – partnering activity, deal news, partnering dealtalk

Report: Merger and Acquisition Terms and Agreements

Browse: Complete Current Partnering report catalog

View: Current Partnering’s Partnering Scorecard – view top life science partnering deals by value

View: Current Partnering’s Deal Metrics – the latest deal trend infographics for life science deal making

View: Current Partnering’s Big Pharma Deal Making Scorecard – latest trends in big pharma deal making activity

View: Current Partnering’s Big Biotech Deal Making Scorecard – latest trends in big biotech deal making activity

Signup: Current Partnering Dealmakers Update – weekly newsletter providing the latest life science industry deal news, deal making trends, partnering events – sign up now

Signup: Current Agreements Deals Review – monthly newsletter - reviewing the previous month’s life science deal making – partnering, M&A and financing – sign up now

Subscribe: Current Agreements life sciences partnering, M&A and financing deals database – find out more

Follow us on: LinkedIn Current Partnering | LinkedIn Business Development Network | @Currentpartner on Twitter

 

Print Friendly, PDF & Email

Leave a Reply

 

cpbannerad300x150new1gif
rauconbadgejpg
e80banner300x150animgif
cabannerad300x150new4gif
e80banner300x150animgif
a1banner300x150animgif