Japans Asahi Kasei Pharma has stepped up with a deal to buy out Copenhagen-based Veloxis Pharmaceuticals for $1.3 billion, bagging an organ rejection drug in the process.

The deal comes 17 years after Veloxis was founded, and the two big shareholders Novo Holdings and Lundbeckfond Invest have both signed off on the buyout. The biotech makes an immunosuppressive drug called Envarsus XR for kidney transplants.

Veloxis has been a low profile biotech on the continent, but recently saw its share price zoom up. Asahi Kasei is paying DKK 6 cash per share, just a 6% premium over the average trading price tracked from October 14 to November 22. But its a 75% premium over the one-year weighted average. The deal was announced on Monday.

Japanese pharmas have been snapping up pharma products around the world for a number of years now, looking to expand beyond Japan as they look for new and growing markets. And Asahi Kasei President Hideki Kobori says they plan to follow up on the acquisition with some new strategic deals.

The acquisition of Veloxis by Asahi Kasei is a great culmination of more than a decade of research, development, and commercialization of life science innovation, which is now benefitting thousands of patients around the world, said Novo Holdings senior partner Christoffer Sderberg in a prepared statement. We are proud of what the employees of Veloxis have accomplished and are pleased that they will all continue with Asahi Kasei.

Excerpt from:
Veloxis wins $1.3B buyout, and the new owner plans to follow up with new deals - Endpoints News

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