Vifor Pharma Surges Again as Board Recommends CSL Bid Valuing Equity at $11.7 Billion
December 14 2021 - 3:54AM
Dow Jones News
By Joshua Kirby
Shares in Vifor Pharma AG rose sharply in opening trade Tuesday
after receiving an offer from Australia's CSL Ltd. that values the
company at $11.7 billion.
At 0812 GMT, shares in the Swiss pharmaceutical company traded
14% higher at CHF160, having surged similarly the day before.
Following confirmation of takeover talks Monday, pharmaceutical
firm CSL on Tuesday said it had made an all-cash public tender
offer of $179.25, equivalent to 167 Swiss francs, for each share in
Vifor Pharma. The company's board of directors recommends the
offer, which it says is in the interests of all stakeholders,
according to a statement published on its website.
"The transaction will enable Vifor Pharma to leverage CSL's
global reach, balance sheet and capabilities to bring more products
to patients within its key categories. The transaction also enables
Vifor Pharma to accelerate growth in cardiovascular-metabolic,
renal and transplant," the company said.
Patinex AG, Vifor Pharma's largest shareholder with a 23.2%
stake, has agreed to tender its shares, according to the company.
The bid is subject to an 80% acceptance rate, and, if successful,
the transaction should be completed by the middle of next year, the
company added.
Write to Joshua Kirby at joshua.kirby@wsj.com;
@joshualeokirby
(END) Dow Jones Newswires
December 14, 2021 03:39 ET (08:39 GMT)
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