Novo Nordisk: Ablynx rejects 2.6 billion euros bid
(CercleFinance.com) - Belgian biotech company Ablynx has rejected a 2.
6 billion euros takeveor bid from Danish diabetes heavyweight Novo Nordisk, saying it undervalues the company and its "enormous upside."
"The Ablynx board (...) unanimously concluded that the proposal fundamentally undervalues Ablynx and its strong prospects for continued growth and value creation as it implements its long-term strategic plan of becoming a fully integrated biopharmaceutical company," the firm said in a statement on Monday.
Ablynx cites positive clinical trials, the preparation of the commercial launch of caplacizumab, as well as "exciting" strategic collaborations with major pharma companies.
Novo Nordisk has offered to buy Ablynx shares for cash of 30.50 euros, consisting of 28.00 euros upfront and 2.50 euros in contingent value rights (CVR).
This offer - which represents a premium of 44% above Ablynx's share price as of last Friday - is the second proposal that Novo Nordisk has made to Ablynx's board of directors, the Danish firm said.
Howerver, Ablynx said a "complex" instrument like a CVR does not constitute a basis for further discussions at this time.
Ablynx shares are still suspended from trading on Euronext Brussels, while Novo Nordisk shares are up 0.6% today in Copenhagen.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
6 billion euros takeveor bid from Danish diabetes heavyweight Novo Nordisk, saying it undervalues the company and its "enormous upside."
"The Ablynx board (...) unanimously concluded that the proposal fundamentally undervalues Ablynx and its strong prospects for continued growth and value creation as it implements its long-term strategic plan of becoming a fully integrated biopharmaceutical company," the firm said in a statement on Monday.
Ablynx cites positive clinical trials, the preparation of the commercial launch of caplacizumab, as well as "exciting" strategic collaborations with major pharma companies.
Novo Nordisk has offered to buy Ablynx shares for cash of 30.50 euros, consisting of 28.00 euros upfront and 2.50 euros in contingent value rights (CVR).
This offer - which represents a premium of 44% above Ablynx's share price as of last Friday - is the second proposal that Novo Nordisk has made to Ablynx's board of directors, the Danish firm said.
Howerver, Ablynx said a "complex" instrument like a CVR does not constitute a basis for further discussions at this time.
Ablynx shares are still suspended from trading on Euronext Brussels, while Novo Nordisk shares are up 0.6% today in Copenhagen.
Copyright (c) 2018 CercleFinance.com. All rights reserved.