PARIS, FRANCE: Ipsen will acquire Albireo, a quantity one innovator in bile-acid modulators to deal with pediatric and grownup cholestatic liver diseases.
Ipsen is a global, mid-sized biopharmaceutical firm focused on transformative medicines in Oncology, Rare Disease and Neuroscience. With Specialty Care gross sales of €2.6bn in FY 2021, Ipsen sells medicines in over 100 countries.
Albireo is a uncommon illness firm focused on the event of novel bile acid modulators to deal with pediatric and grownup liver diseases.
Under the phrases of the settlement and plan of merger, Ipsen, through a fully-owned subsidiary, will provoke a young offer to purchase all excellent shares of Albireo at a price of $42.00 per share in money on the closing of the transaction, for an preliminary estimated aggregate consideration of $952 million plus one contingent worth proper (CVR) per share.
Each CVR will entitle its holder to deferred money funds of $10.00 per CVR payable upon the U.S. Food and Drug Administration (FDA) approval of Bylvay within the Biliary Atresia indication on the newest by 31 December 2027, permitting for a possible increase within the variety of sufferers within the BOLD study.
The $42.00 per-share money consideration represents a premium of 104% in comparison with Albireo’s 1-month volume-weighted common price of $20.60 previous announcement of the transaction.
The transaction will be fully financed by Ipsen’s existing money and lines of credit. The Board of Directors of Albireo has unanimously approved the transaction and recommended that the stockholders of Albireo tender their shares within the tender offer.
The closing of the tender offer will be topic to customary conditions, together with the tender of shares which represent at least a majority of the total variety of Albireo’s excellent shares, the expiration of the ready interval under the Hart-Scott-Rodino Antitrust Improvements Act and the receipt of consents of, or filings with, any governmental physique or pursuant to sure foreign antitrust legal guidelines and the expiration of any relevant ready interval and different customary conditions.
Upon the profitable completion of the tender offer, Ipsen would purchase all shares not acquired within the tender offer through a second-step merger for a similar consideration that the tendering stockholders will obtain within the tender offer. It is anticipated the transaction will shut by finish of Q1, 2023.
The anticipated acquisition will enrich Ipsen’s Rare Disease portfolio and pipeline.
“We are enthusiastic about the potential of Albireo’s assets and scientific expertise, which we gain through this acquisition, and we believe that is a compelling growth alternative for Ipsen.” said David Loew, Chief Executive Officer of Ipsen.
“Our Rare Disease franchise is strengthened with Bylvay, which, along with being the first-approved treatment in PFIC, has two additional indications being investigated in uncommon liver conditions that are underserved. Additionally, Bylvay and the clinical and preclinical novel bile acid transport inhibitors in Albireo’s portfolio complement our personal pipeline in liver disease.”