DUBLIN – Shares in Adocia SA gained 27 percent Thursday on news of a diabetes deal in China with Tonghua Dongbao Pharmaceutical Co. Ltd., under which it will pocket $50 million up front with up to $85 million more to come in potential development milestones, as well as double-digit sales royalties. The agreement covers Biochaperone Combo, its fixed-ratio combination of basal insulin (insulin glargine) and prandial insulin (insulin lispro), as well as its fast-acting insulin formulation Biochaperone Lispro, in China and several other countries.
DUBLIN – Polyphor AG is seeking up to CHF140 million (US$141.4 million) in Switzerland's first biotech IPO since November 2014. The IPO comprises a base offering of shares that would bring in CHF100 million plus an "upsize option" that would add CHF40 million more. An overallotment option, if exercised, would add another CHF10 million to the proceeds.
DUBLIN – Shares in Adocia SA gained 27 percent Thursday on news of a diabetes deal in China with Tonghua Dongbao Pharmaceutical Co. Ltd., under which it will pocket $50 million up front with up to $85 million more to come in potential development milestones, as well as double-digit sales royalties. The agreement covers Biochaperone Combo, its fixed-ratio combination of basal insulin (insulin glargine) and prandial insulin (insulin lispro), as well as its fast-acting insulin formulation Biochaperone Lispro, in China and several other countries. Lyon, France-based Adocia retains rights to the U.S., Europe and Japan. It will also receive research funding from its new partner.
DUBLIN – Takeda Pharmaceutical Co. Ltd. edged closer to a deal to acquire Shire plc, with a revised cash-and-shares offer that values the Dublin-based firm at £49 per share or about £46 billion (US$64.2 billion). The offer comprises £21.75 in cash plus £27.26 in Takeda stock, the equivalent of about £20.4 billion in cash plus £25.6 billion in Takeda stock. If they accept the offer, Shire shareholders would hold about 50 percent of the enlarged company's equity, in addition to getting the up-front cash.
DUBLIN – Allergan plc threatened to disrupt Takeda Pharmaceutical Co. Ltd.'s ongoing wooing of Shire plc by confirming Thursday in response to press speculation that it was "in the early stages of considering a possible offer for Shire." The news drove Shire's stock about 6 percent higher as investors positioned themselves as beneficiaries in a possible bidding war. Three hours later, Dublin-based Allergan issued a terse follow-up statement: "In order to comply with the requirements of the U.K. takeover code, Allergan announced that it does not intend to make an offer for Shire."
DUBLIN – Veteran German antibody developer Morphosys AG swelled the ranks of European biotech firms on Nasdaq by grossing $207.8 million from an offering of 8.3 million American depositary shares, which it priced at $25.04 per share. If exercised, an overallotment option comprising 1.245 million shares would add another $37.35 million to the proceeds. Shares in the Martinsried-based firm began trading today under the ticker symbol MOR, and quickly went into positive territory, reaching $26.47 at one point and ending the day at $26.31.
DUBLIN – Shire plc is offloading its oncology business to Les Laboratoires Servier SAS for $2.4 billion in cash, which represents a multiple of 9.2 times its 2017 revenue of $261.7 million.
DUBLIN – Enterprise Therapeutics Ltd. raised £29 million (US$41 million) in a series B round to take forward a pipeline of preclinical drug development programs that focus on impaired mucociliary clearance, a pathophysiological mechanism common to chronic respiratory diseases such as cystic fibrosis, chronic obstructive pulmonary disease and severe asthma.
DUBLIN – Promethera Biosciences SA raised €9.3 million (US$11.5 million) through a convertible bond issue – the prelude to a larger financing round it aims to complete later this year – and acquired antibody developer Baliopharm AG to strengthen its hand in nonalcoholic steatohepatitis (NASH).
