M&A News: Pfizer, Novo Nordisk & Paratek Pharmaceuticals
The latest news on mergers and acquisitions featuring Pfizer, Seagen, Novo Nordisk, Biocorp and Paratek Pharmaceuticals. Highlights below.
* Pfizer Plans To Refile Notification with FTC for $43-Bn Acquisition of Seagen
* Novo Nordisk In Talks To Acquire Drug-Device Company Biocorp for $165 M
* Two Investment Firms To Acquire Paratek Pharma for $462 M
Pfizer Plans to Refile It Notification with FTC for $43-Bn Acquisition of Seagen
Pfizer withdrew and reported its intent to refile its notification and report form with the US Federal Trade Commission (FTC) and the US Department of Justice (DOJ) regarding its pending $43-billion acquisition of Seagen (formerly Seattle Genetics), a Bothell, Washington-based bio/pharmaceutical company specializing in antibody-drug conjugates (ADCs) and drugs for oncology. The notification is part of antitrust review under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. Pfizer and Seagen had announced the acquisition in March 2023.
The companies had each filed the notification and report form in mid-May (May 2023). Pfizer reported that it planned to refile the notification and report form with the FTC and DOJ on June 14, 2023. Additionally, on June 1, the companies referred the acquisition to the European Commission (EC) for its review.
Seagen reported that it does not expect the closing date to change as a result of the refiling and expects that acquisition to be completed by late 2023 or early 2024.
Novo Nordisk In Talks To Acquire Drug-Device Company Biocorp for $165 M
Novo Nordisk and Biocorp, an Issoire, France-based medical-device and drug-delivery systems manufacturer, report that Novo Nordisk has entered exclusive negotiations to acquire a controlling stake in Biocorp for EUR 154 million ($165 million).
Biocorp specializes in the design, development, and manufacturing of drug-delivery systems and medical devices, including Mallya, a Bluetooth-enabled smart add-on device for pen injectors. Since 2021 the companies have been collaborating on the development and commercialization of a Mallya add-on device for Novo Nordisk’s FlexTouch pen used in administering diabetes drugs. In 2022 and 2023, the companies have expanded their collaboration to include the development of versions of the Mallya device for other therapy areas.
Novo Nordisk has entered exclusive negotiations with Bio Jag, Biocorp’s main shareholder, for the purchase of its entire stake in Biocorp, representing 45.3% of its share capital and 62.2% of its theoretical voting rights. Moreover, Novo Nordisk would acquire, subject to the acquisition of Bio Jag’s stake, the shares held in Biocorp by certain minority shareholders, including Nyenburgh, Greenstock and Vatel Capital, representing, in aggregate, 19.03% of the share capital and 13.07% of the theoretical voting rights of Biocorp.
Subject to completion of the purchase, Novo Nordisk would file with the French Financial Market Authority a mandatory simplified tender offer on all remaining outstanding Biocorp shares for the same price per share as the purchase.
The purchase is expected to take place during the third quarter of 2023, and the filing of the subsequent offer should take place in September 2023.
Source: Novo Nordisk
Two Investment Firms To Acquire Paratek Pharma for $462 M
Gurnet Point Capital, an investment firm, and Novo Holdings, an investment firm, have agreed to acquire Paratek Pharmaceuticals, a Boston-based bio/pharmaceutical company, for $462 million.
Paratek’s lead commercial product, Nuzyra (omadacycline), is a once-daily oral and intravenous antibiotic available in the US for the treatment of adults with community-acquired bacterial pneumonia and acute bacterial skin and skin structure infections. Paratek has a collaboration agreement with Zai Lab, a bio/pharmaceutical company based in China and the US, for the development and commercialization of omadacycline in the greater China region and retains all remaining global rights.
Under the agreement, Gurnet Point and Novo Holdings, will acquire all outstanding shares of Paratek for $2.15 per share in cash, plus a contingent value right of $0.85 per share payable upon the achievement of $320 million in US Nuzyra net sales in any calendar year ending on or prior to December 31, 2026.
The transaction, which the Paratek Board of Directors has unanimously approved, is expected to close in the third quarter of 2023, subject to customary closing conditions, including approval by Paratek shareholders and receipt of regulatory approvals. Upon closing, Paratek will become a privately held company.
Source: Paratek Pharmaceuticals