Novartis announced that it has acquired or received valid acceptances for 75.4 per cent of the outstanding shares in NeuTec Pharma plc and has declared its offer for the UK biopharmaceutical company unconditional in all respects. This will allow for the delisting of NeuTec's shares and completing the acquisition.
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.