UK drug maker AstraZeneca Plc (LON:AZN) on Tuesday said it had inked a final accord to buy US speciality pharmaceutical firm Omthera Pharmaceuticals Inc (NASDAQ:OMTH) for up to USD443m (EUR342.9m).
Under the deal, AstraZeneca will pay an initial USD12.70 per share in Omthera, or a total of USD323m in cash. A further consideration of up to some USD120m will also be disbursed in case certain milestones of Omthera’s investigational product Epanova or global net sales are achieved. Omthera’s shareholders will be entitled to the conditional additional payment through contingent value rights of up to around USD4.70 per share, the buyer said.
The proposed USD12.70 per-share price is 88% higher than Omthera’s closing price on 24 May.
The transaction, which has been approved by both companies’ boards but is still contingent on a vote by Omthera’s shareholders as well as regulatory clearances, is seen to be wrapped up in the third quarter of this year.
Holders of some 60% of Omthera’s shares have already committed to back the combination.
The acquisition of Omthera, which is focused on therapies for dyslipidemia, or abnormal blood levels of lipids, is complementary to AstraZeneca’s line-up in the core area of cardiovascular and metabolic disease, the buyer’s CEO Pascal Soriot noted.