Japan’s Asahi Kasei to buy Danish pharma Veloxis for $1.3b

Hideki Kobori, president of Asahi Kasei Corp., poses for a photograph in Tokyo, Japan, on Friday, Dec. 8, 2017. Photographer: Akio Kon/Bloomber

Asahi Kasei Corp. is buying Denmark’s Veloxis Pharmaceuticals A/S for 143.2 billion yen ($1.3 billion), the companies said, in the latest of a series of deals by Japanese drugmakers.

Asahi Kasei is offering to buy the ordinary shares and warrants of Veloxis for 6 kroner per share in a tender starting next month, they said in a statement Monday. That’s a discount to the 6.6 kroner closing price on Friday, before the news was announced. In Monday’s early trading, the stock fell by about 9% to the offer price of 6 kroner.

Veloxis shares have almost doubled in value after the drugmaker raised its profit forecast at the end of October. The company, known for its extended-release formulation of tacrolimus, used to prevent organ rejection in kidney transplant patients, was founded in 2002 as a spinoff of Lundbeck A/S.

Lundbeckfond Invest A/S, Novo Holdings A/S, the directors and management of Veloxis, which collectively own about 81.2%, have signed irrevocable agreements to tender their shares for 4.45 kroner apiece, per share for their shares and warrants.

Veloxis’s Wild Ride on Transplant Drug Has Analysts Underwhelmed

Asahi Kasei’s acquisition is the latest for Japan’s pharmaceutical companies, which have seen a wave of deals over the past year. Last week, Mitsubishi Chemical Holdings Corp. offered to buy out its drugmaking unit Mitsubishi Tanabe Pharma Corp. in a $4.5 billion deal. Takeda Pharmaceutical Co. this year closed its $62 billion takeover of Shire Plc as the Japanese company seeks to transform itself into a global drugmaker.

Bloomberg

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In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

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