ARTICLE | Company News

Biocompatibles, BTG deal

November 22, 2010 8:00 AM UTC

BTG proposed to acquire Biocompatibles in a stock and cash deal valued at £177.2 million ($284.5 million). Biocompatibles shareholders will receive 1.7 new BTG shares and 10p in cash for each Biocompatibles share held. The companies said the deal values each Biocompatibles share at 430p, which represents a 28% premium to Biocompatibles' close of 336.5p on Nov. 18, before the announcement was made, and a 34% premium to Biocompatibles' close of 321.3p on Sept. 20, before the company announced it had received a preliminary approach from an undisclosed company. BTG said the deal fits with its strategy to acquire late stage products targeting the specialist hospital market. ...