Asahi Kasei has offered 8.9 billion Danish crowns ($1.31 billion) to buy Veloxis, it said on Monday, a deal that would give the Japanese electronic materials maker access to the U.S. pharmaceutical market.
Denmark-based pharmaceutical firm Veloxis has a primary focus on the U.S. market, where it sells the Envarsus XR immunosuppressant used to treat transplant patients.
Asahi Kasei wants to make healthcare a third pillar on top of electronic materials and housing. It aims to double operating profit in its healthcare business to 80 billion yen ($736 million) by the year to March 2026.
The Japanese firm said it had offered 6 crowns per publicly listed share in Veloxis, below Friday’s closing share of 6.6 crowns but a 6% premium to the weighted average share price of the last 30 trading days.
Two major Veloxis shareholders and a group of directors had accepted to tender their shares at 4.5 crowns in cash for each share.
The Veloxis board unanimously decided to recommend the offer to its shareholders and warrant holders.
On Monday, shareholders and warrant holders representing 81.2% of the company’s share capital had agreed to accept the offer, which was conditional on at least 80% accepting.
By Jacob Gronholt-Pedersen
Source: Reuters
The investment enables the steam cracker to increase the share of renewable and recycled raw materials used in its (ethylene and propylene) production. The move supports the Borealis Strategy 2030 for a circular economy. The Porvoo investment program is expected to be completed in 2025.
Murray Auchincloss, bp’s CEO, said in a statement: “As I set out in February, BP’s destination from IOC [international oil company] to IEC [integrated energy company] is unchanged – and we need to deliver as a simpler, more focused, and higher-value company.
Founded in 1972, Tecnofilm has expanded its product portfolio over the years to offer a wider range of compounds and functional polymers for various industrial applications and technical articles. The company has patented several of its products.