Date: 2011-02-21
Type of information: Company acquisition
Acquired company: Prostrakan (UK)
Acquiring company: Kyowa Hakko Kirin (Japan)
Amount: £ 292 million(€ 345,3 million)
Terms: Kyowa Hakko Kirin and ProStrakan have reached agreement on the terms of the recommended cash acquisition by KHK of the entire issued and to be issued share capital of ProStrakan. Under the terms of the acquisition, ProStrakan shareholders will be entitled to receive 130 pence in cash for each ProStrakan Share, valuing the entire issued and to be issued ordinary share capital of ProStrakan at approximately £292 million (¥39,420 million). The price of 130 pence per share represents a premium of approximately 41 per cent. to the closing price of 92.5 pence per ProStrakan Share on 12 November 2010, being the last business day immediately prior to the start of ProStrakan’s current offer period; and 100 per cent. to 64.9 pence, being the volume weighted average closing price per ProStrakan Share over the 6 months prior to 12 November 2010, being the last business day immediately prior to the start of ProStrakan’s current offer period.
Details: The acquisition provides KHK with an established European and US marketing and sales platform, together with a portfolio of proprietary products. ProStrakan is based in Galashiels (UK) and its development capabilities are centred in Galashiels and Bedminster, New Jersey, US. Sales and marketing of ProStrakan’s portfolio of products are handled by commercial subsidiaries in the UK, US, France, Germany, Spain, Italy and other EU countries.
Related: specialty pharma
