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ARTICLE | Company News

Santen to acquire Novagali

September 29, 2011 12:14 AM UTC

Santen Pharmaceutical Co. Ltd. (Tokyo:4536; Osaka:4536) will acquire fellow ophthalmic company Novagali Pharma S.A. (Euronext:NOVA) for EUR 6.15 per share, or about EUR 100 million ($134.2 million). The price is a 71% premium to Novagali's close of EUR 3.59 on Tuesday, before the deal was announced.

Novagali, which markets Cationorm active-free ophthalmic cationic emulsion for dry eye, reported 1H11 sales of EUR 369,000 ($534,644). Novagali's pipeline includes Cyclokat, an ophthalmic cationic emulsion of cyclosporine A, in Phase III testing to treat severe dry eye disease; and Catioprost, an ocular formulation of latanoprost using Novasorb cationic emulsion technology, in Phase II testing to treat glaucoma and ocular surface disease. Santen said Novagali's Novasorb drug delivery technology will expand its drug formulation capabilities. The boards of both companies approved the deal. ...