Novartis passes 50% acceptance threshold in offer for NeuTec Pharma
Novartis announced today that it had purchased approximately 2.4 million shares, or 8.3% of the outstanding shares, in NeuTec Pharma plc (LSE: NTP) as part of its plans to acquire the UK biopharmaceutical company specializing in hospital anti-infectives.
Valid acceptances for an additional 43.5% of NeuTec shares were received during the initial offer period. As a result, Novartis has now acquired or received valid acceptances from shareholders for approximately 15.1 million NeuTec shares representing approximately 52% of the existing issued share capital.
The offer has been extended and will remain open for acceptance until 13:00 British Summer Time on July 13, 2006. The offer remains subject to a 90% acceptance condition as well as regulatory and other conditions. .
The NeuTec Board of Directors unanimously recommended a cash offer announced on June 7 for Novartis to acquire the company for GBP 10.50 per share, which values NeuTec at approximately GBP 305 million (USD 569 million).
NeuTec will expand the access of Novartis to the dynamic hospital segment of the worldwide anti-infectives market through Mycograb® for the treatment of fungal infections and Aurograb® for serious bacterial infections.
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