Clinigen to acquire Quantum Pharma for £150.3m
StockMarketWire.com - Clinigen Group has agreed a £150.3m cash and shares deal for Quantum Pharma.
Clinigen said Quantum's unlicensed to licensed capabilities would add significantly to the group's existing UL2L activities and would fast track its global UL2L strategy.
Under the terms of the recommended acquisition, each Quantum shareholder would receive 37 pence in cash and 0.0405 new Clinigen shares.
Clinigen said the acquisition valued each Quantum share at 82 pence, and Quantum's fully diluted share capital at approximately £150.3m, based on last night's closing price of 1,111 pence per Clinigen share.
Clinigen chief executive Shaun Chilton said: "The earnings enhancing acquisition of Quantum is an excellent operational and geographical, as well as cultural, fit with Clinigen.
"Quantum's UL2L capabilities will provide a bridge between our unlicensed and commercial businesses, mirroring our business in the AAA region. Quantum's expertise in this area will enable us to boost our global UL2L ambitions.
"Quantum also provides a European presence whilst our international footprint can immediately provide the global reach for Quantum's generic licensed products.
"With the addition of Quantum, we will be in a stronger position to drive our global expansion in the unlicensed and commercial medicine markets."
(LON:CLIN) Clinigen Group share price was -49.5p at 1061.5p
(LON:QP.) Quantum Pharma Plc share price was +10.63p at 77p
Story provided by StockMarketWire.com