Galenica acquiring hyperkalemia play Relypsa

Galenica Ltd. (SIX:GALN) said it will acquire Relypsa Inc. (NASDAQ:RLYP) for $32 per share in cash, which values the company at about $1.5 billion. Relypsa markets hyperkalemia treatment Veltassa patiromer, a high-capacity oral potassium binder.

The price is a 59% premium to Relypsa's Wednesday close of $20.10, before the deal was announced. Relypsa gained $11.85 (59%) to $31.95 on Thursday, while Galenica fell CHF150 (11%) to CHF1,216, shedding about CHF975 million ($990.6 million) in market cap. ...