ADVANZ PHARMA Corp. Limited (“ADVANZ PHARMA” or “the Company”), a specialty pharmaceutical company with a strategic focus on complex medicines in Europe, today announced that its board of directors has reached an agreement on the terms of a cash offer, to be made by a subsidiary (“Bidco”) of Nordic Capital, pursuant to which Nordic Capital will acquire the entire issued and to-be-issued limited voting share capital of ADVANZ PHARMA (the “Acquisition”).
“This offer highlights the value that our employees around the world have collectively contributed towards building ADVANZ PHARMA into the strong and diverse company it is today,” said Graeme Duncan, Chief Executive Officer of ADVANZ PHARMA. “In addition, this Acquisition will significantly help the business through both the capital support, and Nordic Capital’s deep sector expertise. I am very much looking forward to working with Nordic Capital to deliver our growth targets.”
Under the terms of the proposed Acquisition, each ADVANZ PHARMA shareholder will be entitled to receive $17.26 in cash (the “Cash Offer”) in respect of each ADVANZ PHARMA share. The Acquisition values the entire issued and to-be-issued limited voting share capital of ADVANZ PHARMA at approximately $846 million.
As an alternative to the Cash Offer, eligible ADVANZ PHARMA shareholders may elect for the alternative offer pursuant to which they would receive unlisted shares in the BidCo structure for each ADVANZ PHARMA share, which will be issued upon, or shortly following, the agreement becoming effective.
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Source: Biospace