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Tuesday, December 3, 2019

====Audentes Therapeutics (BOLD) to be acquired by Astellas (ALPMY) for $60/share

Audentes Therapeutics:  Japan's Astellas (OTC:ALPMY) to acquire Audentes Therapeutics for $60/share in cash

  • The cos entered into a definitive agreement for Astellas to acquire Audentes at a price of US$60.00 per share in cash, representing a total equity value of approximately US$3 billion. 
  • The offer price represents a premium of 110% to Audentes' closing share price of US$28.61 on December 2, 2019. The acquisition of Audentes represents a key step in the expansion of the Astellas Focus Area approach, under which Astellas strives to create innovative medicines for diseases with high unmet medical needs by identifying unique combinations of biology and therapeutic modality/technology based on emerging science.
  • The board of directors of Audentes has resolved to recommend that Audentes stockholders tender their shares to Astellas.
  • Consummation of the transaction is subject to customary closing conditions, including US antitrust clearance and the tender of a majority of Audentes' outstanding shares of common stock. The offer price represents a premium of 110% to Audentes' closing share price of US$28.61 on December 2, 2019. The all-cash transaction is valued at approximately US$3 billion including the purchase of all common shares, options, restricted stock units and other securities. The Tender Offer period is expected to commence in the next few weeks and to expire 20 business days after its commencement, unless otherwise extended. If the Tender Offer conditions are not satisfied, Astellas may be required to extend the Tender Offer under certain circumstances.

  • The deal comes in the wake of similar deals in the gene therapy space:
    • In 2018, Novartis (NVS) paid $8.7 bln for AveXis (AVXS).
    • In February, Roche (RHHBY) agreed to pay $4.8 bln to acquire Spark Therapeutics (ONCE). This deal has yet to close due to ongoing regulatory concerns. 
    • In March, Biogen (BIIB) paid $800 mln to acquire Nightstar Therapeutics (NITE).
  • Gene Therapy peers also advancing:  QURE +15.01%SGMO +8.51%VYGR +5.68%AXGT +4.91%RGNX +4.47%FIXX +3.85%SLDB +3.70%AVRO +3.38%ADVM +2.49%BMRN +2.30%RARE +2.20%SRPT +2.04%, etc...
  • uniQure (QURE +15%) is seeing the largest move in the space in pre-market following two positive morning analysts initiations. uniQure was also linked to M&A reports earlier this year.
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