ARTICLE | Company News

BTG to acquire Protherics

September 19, 2008 1:23 AM UTC

BTG (LSE:BGC) will acquire Protherics (LSE:PTI; NASDAQ:PTIL) in a stock deal that values Protherics at L218.1 million ($393.3 million), or 60p per share. BTG said the deal price is a 46% premium to Protherics' close of 41.25p on Wednesday, before the deal was announced, and a 92% premium to the stock's close of 31.25p on Aug. 12, a day before Protherics issued an announcement regarding potential offers for the company. BTG shareholders will own 59% of the combined company, with Protherics shareholders owning 41%.

BTG, which derives revenues largely from royalties, said the deal boosts its pipeline of products that it can commercialize itself and helps establish a commercial operation in the U.S. Protherics has two marketed biologics in the U.S.: CroFab, a North American pit viper antivenom, and DigiFab to treat digoxin toxicity. BTG's lead clinical product is Varisolve microfoam, which is in Phase III testing in the EU for varicose veins. ...