Novartis announced that it has purchased approximately 2.4 million shares, or 8.3 per cent of the outstanding shares, in NeuTec Pharma plc as part of its plans to acquire the UK biopharmaceutical company specializing in hospital anti-infectives.
Valid acceptances for an additional 43.5 per cent of NeuTec shares were received during the initial offer period. As a result, Novartis has now acquired or received valid acceptances from shareholders for approximately 15.1 million NeuTec shares representing approximately 52 per cent of the existing issued share capital.
The offer has been extended and will remain open for acceptance until 13:00 British Summer Time on July 13, 2006. The offer remains subject to a 90 per cent acceptance condition as well as regulatory and other conditions, a Novartis press release stated.
The NeuTec board of directors unanimously recommended a cash offer announced on June 7 for Novartis to acquire the company for GBP 10.50 per share, which values NeuTec at approximately GBP 305 million (USD 569 million).
NeuTec will expand the access of Novartis to the dynamic hospital segment of the worldwide anti-infectives market through Mycograb for the treatment of fungal infections and Aurograb for serious bacterial infections.
NeuTec Pharma plc is a UK biopharmaceutical company formed in 1997 by Professor James Burnie and Professor Ruth Matthews. It specializes in the development of genetically recombinant antibodies, or "grabs," for the treatment of life-threatening infections.