Drugmaker Vectura Group to Buy SkyePharma
Wednesday, March 16, 2016
Drugmaker Vectura Group (VEC.L) said on Wednesday it would buy SkyePharma Plc SKYE.L in an all-stock deal that would give it SkyePharma's drug delivery platform.
Vectura, which makes treatments for breathing problems, is offering SkyePharma shareholders 2.7977 new shares for each share held, valuing SkyePharma at 441.3 million pounds ($621.9 million).
SkyePharma shareholders can alternatively choose to receive a part of the offer in cash, Vectura said.
An all-stock deal would result in SkyePharma shareholders owning about 41.75 percent of the combined company.
If the 70 million pounds available under the cash alternative is paid in full, Skyepharma shareholders would own about 37.62 percent of the combined company, Vectura said.
Source : reuters.com
