Pfizer struck a $43 billion deal in March to acquire Seagen and its targeted cancer therapies as it prepares for a steep fall in COVID-19 sales and generic competition for some top-selling drugs.
The consortium will pay about $43 per share in cash, which represents a premium of about 12 per cent to Syneos' last close. The acquisition is valued at $7.1 billion including debt. North Carolina-based Syneos has been facing challenges in winning new business as many of its clients, which include small and medium-sized biotech companies, have cut spending amid difficulties raising funding in a post-COVID market downturn.
The Nifty 50 index was up 0.06 per cent at 17,955.90 as of 10:40 a.m. IST, while the S&P BSE Sensex was higher by 0.17 per cent at 61,116.34. The benchmarks swung between 0.4 per cent gains and 0.3 per cent losses during the session.
Walgreens Boots Alliance on Tuesday scrapped the plan to sell its UK high street pharmacy chain, Boots, saying no third party was able to make an adequate offer due to the turmoil in global financial markets.
Biocon Biologics in March entered into a definitive agreement to acquire Viatris' biosimilars assets for $3.34 billion. It will pay Viatris $2 billion in cash at the closing of the deal, and another $335 million in 2024. Out of $2 billion, $800 million will come through equity infusion from existing investors including parent Biocon and others such as Serum Institute of India, Abu Dhabi-based ADQ, True North, Tata Capital Growth Fund and Goldman Sachs.
About 65% of Colgate Palmolive's addressable population live in markets, where average people brush their teeth less than one time a day. In China it is about 0.6, India is below 0.5 and most of Africa is lower than that. So there is a big opportunity there, as per John Faucher, chief investor relations officer at Colgate.
The money will predominantly be used to refinance the debt the company had taken to fund its acquisition of diagnostics chain Thyrocare last year.
Aragen Life Sciences signs a definitive agreement to acquire Pune-based Intox Pvt. Ltd. The Hyderabad-based Aragen, which was formerly called as GVK BIO, didn't disclose the financial details of the deal.
Now, with the Delta variant pushing U.S. COVID-19 cases well above 100,000 per day, test makers are working to quickly reverse course, industry executives and state officials said.
“Over the past 18 months Parexel has continued its strong growth trajectory delivering on its patients-first focus and accelerating new therapies to patients in need around the world,” said Parexel CEO Jamie Macdonald.
The private equity arm of Goldman Sachs, is all set to acquire about 33% stake in Hyderabad-based GVK Biosciences, making pharma & healthcare as the favourite investment destination amid Covid pandemic.
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