Sector News

Asahi Kasei makes $1.3 billion offer for Denmark’s Veloxis

November 25, 2019
Energy & Chemical Value Chain

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

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