Date: 2013-05-22
Type of information: Company acquisition
Acquired company: 48 % of Newbridge Pharmaceuticals (Dubai)
Acquiring company: Elan (Ireland)
Amount: $40 million
Terms: * On May 20, 2013, Elan has announced a series of transactions designed to decisively transform and advance the company. Upon shareholder approval, the totality of these strategically driven decisions, in addition to the Theravance royalty participation agreement and dividend pass through announced last week and the previously completed Tysabri transaction, will form a dynamic and unique business foundation for Elan in the years ahead.Elan has completed the first step in its investment in Newbridge by paying $40 million in exchange for 48% of the total fully diluted capitalization of the company. In addition, Elan has appointed two Directors to the Board of Newbridge. Elan has the option to purchase the remaining stake in Newbridge by 2015 for a sum of $244 million.
Details: Newbridge Pharmaceuticals is a private start-up specialty pharmaceutical company, headquartered in Dubai, UAE and focused on the Africa Middle East and Turkey (AfMET) regions. The company is specializing in in-licensing, acquiring, registering and commercializing approved pharmaceuticals and biologics products in oncology, immunology, metabolic disorders, gastrointestinal and CNS.
Related: Specialty pharmaceuticals
