Swiss generic drugmaker Acino said it has accepted a takeover offer from Avista Capital Partners and Nordic Capital valuing the company at about 398 million Swiss francs ($439 million), writes Reuters.
The private equity companies will offer 115 Swiss francs per share representing a 33 percent premium to Tuesday’s closing share price of 86.50 francs, Acino said in a statement. The company’s board unanimously supports the tender offer.
Acino, which makes a patch for the symptomatic treatment of mild to moderate forms of Alzheimer dementia, said the sale will give the company funds to expand its business, drive sales growth and strengthen its competitive position.
“Avista and Nordic Capital are well-suited partners for Acino. They have proven ‘buy and build’ capabilities and the financial resources that will significantly enhance Acino’s growth opportunities,” said Acino’s Chairman Luzi A. von Bidder.
Shares in Acino jumped 31 percent to 113.40 Swiss francs by 0847 GMT.
Acino, which has transformed its business from a Central European pharmaceutical supplier into a diversified drug company, has 738 employees and generated 143 million euros ($193.42 million) in sales in the first half.
Hakan Bjoerklund, who is also chairman of Lundbeck, is expected to be nominated as chairman of the board of Acino if the acquisition is completed.
The tender offer is expected to take place between Oct. 21 and Nov. 15. Lazard is acting as lead financial advisor and Credit Suisse as financial advisor in tender offer to Avista and Nordic Capital.