Acino board accepts $439m acquisition offer
This article was originally published in Scrip
Avista Capital Partners and Nordic Capital have put forward a joint offer to acquire Swiss pharma company Acino for CHF115 ($127) per share, or around $439m. Acino's board has unanimously resolved to support the offer and is urging the company's shareholders to do the same.
Acino's model is to develop, manufacture and market proven drugs in novel drug delivery forms. Its board and management said they are convinced that "substantial financial resources are required to further exploit the potential of the company's in-house innovation," and Nordic and Avista are prepared to commit substantial capital, according to Acino's press release.
In addition, Acino is persuaded that the two would-be acquirers will contribute to the company's long-term growth strategy, which is centered around advanced drug delivery and expanding its presence in the emerging markets.
Nordic and Avista's offer is generous, representing a 33% premium over Acino's closing share price on 1 October, the day before the offer was announced. Acino was trading at CHF86.60, and has since risen to CHF113.80 on 3 October. The two venture capitalists "believe significant opportunities exist to further support the development of Acino under private ownership."
Should Acino's shareholders accept the offer, the shares would be delisted from the SIX Swiss Exchange and the company would go private. The tender offer is subject to a minimum acceptance of two-thirds of Acino's shares.
Avista and Nordic have said they intend to maintain the company's main sites in Switzerland and Germany. They have lined up Dr Håkan Björklund, chair of Lundbeck, for chair of the board. Dr Björklund was formerly CEO of Nycomed, a company in which both Nordic and Avista had a share before its acquisition by Takeda. He was also appointed Avista's healthcare operating executive in 2011.
The acceptance period for the offer is expected to run between 21 October and 15 November.