March 17, 2016 / Bio Valley BIOON/-- Recently, British pharmaceutical company Vectura and SkyePharma successfully entered into a marriage, the two will complete a friendly merger, the original CEO will no longer serve, the two will set up a new company.
Vectura and SkyePharma have many similarities in the two pharmaceutical companies, both of which are mainly engaged in the development and sales of asthma and other respiratory diseases. The merger completed this time was worth 441.3 million pounds ($621 million). The combined new company is valued at approximately £1 billion, including £153.9 million in sales and a monthly profit of £50.5 million.
It is reported that the new company will be operated by the former Vectura CEO, former AstraZeneca executive James Ward, and Vectura's chairman Bruno Angelici will continue to serve. The chairman of the original SkyePharma will be appointed as the vice chairman of the new company. Peter Grant, the former CEO of SkyePharma, will leave the new company and no longer hold any positions.
Angelici said that the merger of the two companies is a milestone for both, and the company is committed to becoming a leading company focused on respiratory diseases. SkyePharma's pMDI technology will help new companies expand their inhalation product market, and the expanded cash flow after the merger will bring many new strategic opportunities for new businesses. Condella said that the strong alliance between SkyePharma and Vectura will create more value for both, and will achieve faster and better development in the future.
It is reported that Vectura acquired SkyePharma for £2.7977 per share, with a total value of 441.3 million pounds. In addition, SkyePharma's shareholders can choose to accept the payment in partial cash. The all-stock deal will allow SkyePharma to hold a 41.75% stake in the new company, and once 70 million pounds are paid in cash, SkyePharma will only account for 37.62% of the combined company's equity.
SkyePharma recently released its 2015 financial report. The figures show that SkyePharma's total sales last year was 95.9 million pounds, a 30% increase over the same period last year. The two sides then announced the merger information.
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