By Lisa Kerner
Charlotte, N.C., Oct. 18 - Galenica Group, through a wholly owned Canadian subsidiary, agreed to acquire Aspreva Pharmaceuticals Corp. for $26 cash per share in a transaction valued at about $915 million.
The per-share price is a 16% premium over Aspreva's closing price on Oct. 16 and a 24% premium over the 30-day average trading price of Aspreva shares, a company news release stated.
Aspreva's board unanimously approved the offer and will recommend its shareholders also accept the merger agreement. The transaction will be completed by way of a statutory plan of arrangement under Section 288 of the British Columbia Business Corporations Act.
The transaction is expected to close on Jan. 3.
Aspreva said its directors, officers and largest shareholder, collectively holding some 30% of the company's outstanding common shares, agreed to vote their shares in favor of the merger.
Lazard, Lehman Brothers Inc., McCarthy Tetrault LLP, Cooley Godward Kronish LLP and Farris, Vaughan, Wills & Murphy LLP advised Aspreva.
Zurich-based Galenica develops, manufactures and markets pharmaceutical products, runs pharmacies, provides logistical services and access to databases and sets up networks.
Aspreva is a pharmaceutical company based in Victoria, B.C.
| Acquirer: | Galenica Group
|
| Target: | Aspreva Pharmaceuticals Corp.
|
| Transaction total: | $915 million
|
| Price per share: | $26.00
|
| Announcement date: | Oct. 17
|
| Expected closing: | Jan. 3
|
| Stock price for target: | Nasdaq: ASPV: $22.50 on Oct. 17
|
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