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29 Sep 2011

Japan's Santen to Acquire French Novagali

Japanese drugmaker Santen Pharmaceutical said on Wednesday it has agreed to buy 50.55 percent of French biopharma Novagali.

Japan's Santen Pharmaceutical announced Wednesday its plan to acquire French biopharmaceutical company Novagali Pharma for €102 million.


The Japanese drugmaker will purchase 50.55% of the share capital of Novagali for a cash consideration of €6.15 per share. The firm intends to buy all remaining shares of Novagali at the same price per share.


If Santen acquires at least 95% of Novagali, the drug manufacturer will increase the amount paid to €6.25 a share.


"Santen believes that by acquiring Novagali, it will be able to strengthen its global business platform, which is one of the key strategic focuses of its long-term vision for 2020 as well as its medium term manag

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