Shire has launched its 19 euros per share offer for Belgium's Movetis.
Movetis investors have until September 27 to accept the offer, which values the biotech at 428 million euros and includes the Turnhout-based firm's cash reserves of 100 million euros. The latter's management have unanimously recommended the offer to shareholders, which represents a premium of 55% on its intial public offering price in December last year.
Shire also noted that institutional investors Sofinnova Partners, Sofinnova Ventures, and Life Sciences Partners, which together make up 38.9% of Movetis stock, have already agreed to sell. Also, a stockholder controlling a further 5.9% has entered into an agreement to tender its shares to the offer, if a counter-offer is not made.
The acquisition will boost Shire's portfolio of gastrointestinal products and gives it access to the recently-launched constipation treatment Resolor (prucalopride). The company believes the latter has potential annual peak sales of more than 300 million euros.