Drug Firm Rejects $3.13 Billion Offer From Novo Nordisk -- WSJ
09 Janeiro 2018 - 6:02AM
Dow Jones News
By Dominic Chopping
This article is being republished as part of our daily
reproduction of WSJ.com articles that also appeared in the U.S.
print edition of The Wall Street Journal (January 9, 2018).
Denmark's Novo Nordisk A/S (NOVO-B.KO) said Monday that Belgian
biopharmaceutical company Ablynx NV (ABLX) has rejected its 2.6
billion-euro takeover bid and declined to engage in any discussions
on the approach.
The proposal represents a 66% premium over Ablynx's three-month
volume-weighted average price of EUR18.39 as of Jan. 5, and
comprises EUR28 in cash for each share plus one contingent value
right with total potential cash payments over time of up to EUR2.50
a share.
The proposal was made Dec. 22 and represented Novo Nordisk's
second attempt after the EUR26.75 cash bid that it made Dec. 7.
Both approaches have been rejected by the Ablynx board and Novo
Nordisk said that it has made a number of attempts to engage in
talks, but that these have also been spurned.
Novo Nordisk Chief Executive Lars Fruergaard Jorgensen spoke to
his counterpart at Ablynx, Edwin Moses, on Jan. 5 to encourage
talks around key value drivers, but said that "unfortunately, this
offer was again refused by the Board of Directors of Ablynx."
Novo Nordisk is keen to conclude a deal, believing that Ablynx's
caplacizumab drug to treat thrombotic thrombocytopenic purpura--a
rare blood disorder--would be a strong addition to its hematology
franchise.
"The proposed transaction would combine Novo Nordisk's
regulatory, scientific and commercial expertise with Ablynx's
strong existing medical teams to optimise the development and
global commercialisation of caplacizumab," the Danish company said
in a statement.
There can be no assurance that any agreement will be reached
between the two companies, but Novo Nordisk said that it encourages
Ablynx to engage in a negotiated transaction for the benefit of all
stakeholders.
It said that should any deal be struck, it would keep Ablynx's
strong research-and-development base within Ghent, Belgium, and
further develop Ablynx as a center of excellence in nanobody
discovery and engineering.
-Write to Dominic Chopping at dominic.chopping@wsj.com; Twitter:
@domchopping @WSJNordics
(END) Dow Jones Newswires
January 09, 2018 02:47 ET (07:47 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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