Skyepharma, Vectura deal

Vectura will acquire fellow inhaled respiratory drug company Skyepharma in a deal that the companies say values Skyepharma at about L441.3 million ($634.2 million). Skyepharma shareholders will receive Vectura stock and up to L70 million ($100.6 million) in cash.

The implied price per share of the deal is 410.15p, which is a 4% premium to Skyepharma’s close of 393.50p on March 15, the day before the deal was announced. If Skyepharma shareholders elect to receive all of the L70 million in cash, they will own about 37.6% of the combined company. ...