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€70 million for French VCs from Santen’s acquisition of ophthalmic firm Novagali

This article was originally published in Scrip

Executive Summary

Santen Pharmaceutical of Japan, which has a focus on ophthalmic pharmaceuticals, is to buy French company Novagali Pharma at a valuation in excess of €100 million. Santen will pay €6.15 per share, a 74% premium to Novagali’s stock price on 27 September, and an 81% premium to the company’s share price at its IPO just over a year ago. Santem will acquire 50.55% of Novagali from its main shareholders and then launch a tender offer for the rest of the outstanding shares.

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