Italy's Chiesi Farmaceutici said it will acquire Ireland-based drugmaker Amryt Pharma, which has products and drugs in development for treating rare diseases, in a deal valued at $1.48 billion.
The total value of the all-cash deal represents a 107% premium over Dublin-based Amryt's ADS closing price of $7 on January 6, the companies said in a joint announcement.
Amryt shareholders will receive $14.50 per ADS cash upfront.
They will also get Contingent Value Rights (CVR) of up to an additional $2.50 per ADS based on achievement of certain milestones by Filsuvez, a drug approved in Europe for an inherited skin disease called epidermolysis bullosa.
Dr Joe Wiley, CEO of Amryt Pharma, said he was incredibly proud of what Amryt has accomplished for patients, their families, healthcare professionals and shareholders since it established its business in 2015.
"In less than eight years, we have built from the ground up, a high growth and globally respected company in the biotechnology industry and the rare disease space," Dr Wiley said.
"Chiesi is aligned with Amryt's commitment and passion and I believe Chiesi will further maximise the value of Amryt's current portfolio and pipeline and most importantly, will accelerate our ability to reach more patients in need globally," he added.
"This addition of the Amryt portfolio, as well as their expertise, will help us on our journey to bring medicines to patients, no matter how rare their condition may be," Chiesi's group chief executive Marco Vecchia said in a statement.
For first nine months of 2022, Amryt reported $188.8m in revenue, and reaffirmed its full-year forecast for revenue of $260m to $270m. Its top-selling drug, Myalept or Myalepta, had third-quarter sales of $37.9m.
