Vectura acquiring Activaero, raises L52 million in placing

Pulmonary play Vectura Group plc (LSE:VEC) is acquiring drug delivery company Activaero GmbH (Gemuenden, Germany) for EUR 130 million ($180.6 million). The amount comprises EUR 45 million ($62.5 million) up front in cash and EUR 50 million ($69.5 million) in new Vectura shares, plus EUR 35 million ($48.6 million) in a deferred cash payment. Activaero shareholders may also receive up to EUR 6 million ($8.3 million) tied to future deals involving Activaero's technologies. Vectura is financing the cash portion of the deal with existing cash.

Vectura said the deal will "provide a mix of early and late-stage assets" in airway disease. The company also will gain Activaero's drug delivery technologies, including the Flow and Volume Controlled Inhalation Technology (FAVORITE) nebulizer technology, which allows drug deposition into targeted areas of the lung. Activaero had 2013 revenues of EUR 10.2 million ($14.2 million). Rothschild is advising Vectura, which also has formulation and inhalation technologies and eight airway disease products marketed by the company's partners. Vectura had 2013 revenues of L30.5 million ($50.4 million). ...