Innovata, Vectura deal
VEC will acquire IOV for 26p per share, or £130.9 million ($250.1 million) in stock. The deal is a 13% premium to IOV's close of 23p on Nov. 16, the last trading day before the deal was announced. VEC shareholders would own 54% of the combined company. VEC would get IOV's portfolio of eight marketed products, including five inhalables for asthma and three for non-pulmonary indications. IOV also has an asthma product in Phase III testing.
VEC's NVA237, an inhaled muscarinic receptor antagonist that is partnered with Sosei Co. Ltd. (Tokyo:4565, Tokyo, Japan) and Novartis AG (NVS; SWX:NOVN, Basel, Switzerland), has completed Phase II testing for chronic obstructive pulmonary disease (COPD). VEC has five other compounds in Phase II testing for asthma, COPD, Parkinson's disease, erectile dysfunction (ED) and premature ejaculation. ...