Biotie, a Finland-based drug development company, has agreed to pay 93.6 million euros ($127 million) for Switzerland-based biotherapeutics company Synosia Therapeutics, providing an exit for a slew of venture investors. 5AM Ventures, Aravis SA, Investor Growth Capital, Novo A/S, Swiss Helvetia Fund, UCB S.A., Versant Venture Management and Abingworth Management had backed Synosia.
5AM Ventures, Aravis SA, Investor Growth Capital, Novo, Swiss Helvetia Fund, UCB, Versant Venture Management, Abingworth Management will exit their investment in Synosia. Biotie has signed a combination agreement to acquire the entire issued share capital and outstanding warrants of Synosia for EUR93.6 million.
The combination agreement will enable to create a CNS (central nervous system) development company. According to the agreement, Biotie will issue 161,448,371 shares to the shareholders and warrant holders of Synosia.
Nomura Code Securities, Ltd. is acting as financial advisor, while Hannes Snellman Attorneys, Ltd., Vischer, Ltd. and Morrison & Foerster LLP are acting as legal advisors to Biotie. Wedbush PacGrow Life Sciences is acting as financial advisor, while Bird & Bird Attorneys, Ltd. and Blum & Grob Attorneys at Law, Ltd. are acting as legal advisors to Synosia.