Belgium's UCB to buy US-based Ra Pharmaceuticals for $2.1bn
Belgian drug maker UCB has agreed to buy US-based clinical-stage biopharmaceuticals company Ra Pharmaceuticals for $2.1bn.
Under the terms of the deal, Ra Pharma shareholders will receive $48 per share in cash, which is a premium of about 93% to the Ra closing price prior to signing.
The transaction has been unanimously approved by the boards of directors of both companies but remains subject to approval by Ra Pharma shareholders, obtaining anti-trust clearance and other customary closing conditions.
The deal is expected to complete by the end of the first quarter of next year.
UCB's chief executive officer, Jean-Christophe Tellier, said: "Ra Pharma is an excellent strategic fit addressing multiple areas of UCB’s patient value growth strategy. Upon closing, the acquisition will add to our strong internal growth opportunities - six potential product launches in the next five years, strengthening our neurology and immunology franchises with late and early-stage pipeline projects.
"In addition, the combination will provide us with the opportunity to become a leader in treating people living with myasthenia gravis, an auto-antibody mediated neurological orphan disease with high unmet medical need, as well as adding a highly productive technology platform to our innovation engine."