LONDON An all-share merger between Topotarget A/S and Bioalliance Pharma SA will create a Franco-Danish specialist in orphan drug oncology, with a product in registration, one in phase III and one in phase II.
Shareholders in Copenhagen-based Topotarget will receive two new Bioalliance Pharma shares for every 27 shares they hold, implying one-third ownership of the merged company by Topotarget investors. Based on the closing share prices on April 15, Bioalliance Pharma has a market capitalization of €148 million (US$204.7 million) and Topotarget of €59 million, giving a combined market cap of €207 million.
The company will announce a new name once it receives full approval at extraordinary general meetings to be held at the end of June. However, major shareholders in both companies and their boards have given the nod to the deal. Paris-based Bioalliance Pharma will retain its listing on Euronext Paris and will apply