SynAct Pharma to Make Strategic Acquisition of Swiss Biotech Company TXP Pharma
SynAct Pharma AB has announced that the company has entered into a conditional agreement on the acquisition of TXP Pharma AG, a privately owned Swiss-incorporated biotech company researching and developing pharmaceutical drugs for the treatment of autoimmune and inflammatory diseases. The purchase price consists of a fixed purchase price of SEK 136 million and a potential additional purchase price of SEK 55 million, where the fixed purchase price is paid through 2,172,523 newly issued shares in SynAct. In connection with the acquisition, SynAct has also resolved to execute a directed cash new issue of shares of SEK 80 million which is announced through a separate press release.
Among the sellers of TXP are, directly and indirectly, Torbjørn Bjerke, chairman of the board of directors of SynAct, Jeppe Øvlesen, CEO of SynAct, Thomas Jonassen, board member and CSO of SynAct, Thomas Boesen, COO of SynAct and Jim Knight, CBO of SynAct. The completion of the acquisition of TXP is conditional on that the acquisition and the issue of the consideration shares are approved at an extraordinary general meeting in SynAct.
The transaction process has been handled by a committee composed of the four non-conflicted members of the board of directors, chaired by Uli Hacksell. In its work, the committee has been supported by legal and financial advisors and has also obtained a third-party valuation of TXP’s assets as well as a so-called fairness opinion issued by Ernst & Young AB.
“By combining the pipeline and scientific capabilities of SynAct and TXP, we strengthen SynAct’s leading position within therapies for resolution treatment through melanocortin biology, and boosts its growing development portfolio. Also, we can now tackle the full range of inflammatory and autoimmune diseases with two complementary platforms, which underscores SynAct’s place in the forefront of developing pharmaceuticals to treat these severe and debilitating diseases where there is a great unmet medical need”, commented Uli Hacksell, board member of SynAct.
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