PARIS (Agefi-Dow Jones)–The pharmaceutical laboratory Ipsen announced on Monday the acquisition of the American biopharmaceutical company Epizyme, specialized in oncology, for an initial amount estimated at 247 million dollars (234 million euros).
“The acquisition focuses on Epizyme’s lead drug, Tazverik (tazemetostat),” already approved by US authorities for the treatment of certain follicular lymphomas, Ipsen said in a statement.
“Under the terms of the agreement and the merger plan, Ipsen, through a subsidiary, will launch a tender offer to acquire all of the outstanding shares of Epizyme at a price of 1 $.45 per share in cash at the closing of the transaction, for an initial total amount estimated at $247 million, to which is added a certificate of guaranteed value (CVG) per share”, indicated the French group.
“Each CVG will entitle its holder to deferred cash payments of $0.30 per CVG payable upon achieving the first milestone of $250 million in Tazverik’s aggregate net sales (excluding Japan and Greater China) during of any period of four consecutive quarters, by December 31, 2026,” said Ipsen.
In addition, a payment of $0.70 per CVG is expected “upon confirmation of regulatory approval from U.S. authorities necessary for the marketing and sale of Tazverik in combination with R2 (rituximab and lenalidomide) in follicular lymphoma of second line by January 1, 2028,” added Ipsen.
The $1.45 per share price represents a 144% premium to Epizyme’s average closing price of $0.60 over the 30 trading sessions prior to the announcement, Ipsen also said.
The transaction, approved by the boards of directors of the two companies and expected to close by the end of the third quarter, will be fully financed by Ipsen’s available cash and existing credit lines, the laboratory said. pharmaceutical.
“If the tender offer is successful, Ipsen would acquire all of the shares not acquired under the offer through a second merger transaction at the same price,” added Ipsen. .
-Alice Doré, Agefi-Dow Jones; +33 (0)1 41 27 47 90; [email protected] ed: VLV
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June 27, 2022 01:56 ET (05:56 GMT)