(Alliance News) - Amryt Pharma PLC has completed the takeover of Aegerion Pharmaceuticals Inc, it said on Wednesday, and shares have now been readmitted to trading in London.
Amryt shares had been suspended as the deal represented a reverse takeover under AIM rules. The deal for Aegerion, a subsidiary of Novelion Therapeutics Inc, was first announced in May.
Amryt shares were trading at 131.15 pence each following readmission, down 1.4%.
Amryt has paid for the business via USD85 million of contingent value rights based on some milestones being achieved. Aegerion was restructured in a US bankruptcy court prior to the deal.
Alongside the transaction, Amryt said in May it would be raising USD60 million via a share placing, which has now been completed. It issued shares at USD1.79 each, and has also signed a USD81.9 million secured facility and issued USD125 million of convertible notes to Aegerion creditors.
Amryt Chief Executive Joe Wiley commented: "Amryt has come a long way since the company was set up in August 2015. On completion of the acquisition today, Amryt has two substantial revenue-generating products with built-in 2018 revenue of USD136.5 million, a ready-made international commercial business in the US, Europe, the Middle East and Latin America, a strong development pipeline and the financial flexibility to fully execute on our growth plans.
"Integration of the two businesses is already well underway and we are confident in the opportunities the deal will deliver for all of our stakeholders, and the transaction will drive future shareholder value. We are particularly excited about growth opportunities in Europe following the recent approval of Myalepta by the EMA in July 2018."
The acquisition, which was endorsed by 34% of Amryt shareholders and more than 67% of Aegerion's bondholders, creates a rare disease business with two approved products, Lojuxta and Myalept.
These drugs treat genetic disorders familial hypercholesterolemia and generalised lipodystrophy, respectively.
By George Collard; georgecollard@alliancenews.com
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