Posted by: youngragingbull | May 28, 2013

AstraZeneca buying Omthera Pharma for up to $443M

Yet another pharmaceutical acquisition announced this week as AstraZeneca said it will buy U.S.-based Omthera Pharmaceuticals for as much as $443 million.

AstraZeneca said on Tuesday it had entered into a definitive agreement to buy Omthera for $12.70 per share, or approximately $323 million, a premium of 88 percent to Omthera’s closing price on Friday.

In addition, Omthera shareholders will get “contingent value rights” (CVRs) of up to approximately $4.70 per share, or $120 million in total, depending on the success of Omthera’s experimental drug Epanova, for treating patients with very high triglycerides, a type of blood fat that is bad for the heart.

AstraZenica CEO Pascal Soriot said the acquisition will help bolster the company’s portfolio of medicines on the market and protect the company from falling sales and profits as older product offerings lose patent protection, giving away market share to generic drug makers.

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