Italy's Chiesi Farmaceutici to buy Amryt Pharma in a $1.48 bln deal

Italy: Italy's Chiesi Farmaceutici said on Sunday it will acquire Ireland-based drugmaker Amryt Pharma Plc, which has products and drugs in development for treating rare diseases, in a deal valued at $1.48 billion.

The total value of the all-cash deal represents a 107 per cent premium over Dublin, Ireland-based Amryt's ADS closing price of $7.00 on Jan. 6, the companies said in a joint announcement.

Amryt shareholders will receive $14.50 per ADS cash upfront, plus Contingent Value Rights (CVR) of up to an additional $2.50 per ADS based on the achievement of certain milestones by Filsuvez, a drug approved in Europe for an inherited skin disease called epidermolysis bullosa.

"This addition of the Amryt portfolio, as well as their expertise, will help us on our journey to bring medicines to patients, no matter how rare their condition may be," Chiesi Group Chief Executive Marco Vecchia said in a statement.

For first nine months of 2022, Amryt reported $188.8 million in revenue, and reaffirmed its full-year forecast for revenue of $260 million to $270 million. Its top-selling drug, Myalept or Myalepta, had third-quarter sales of $37.9 million.