The Strategist

Roche pharmaceutical company buys American Spark Therapeutics


02/25/2019 - 10:01



Swiss On Monday, pharmaceutical company Roche (Switzerland) announced purchase of manufacturer of gene therapy drugs Spark Therapeutics (USA), according to a press release from Roche. Roche buys American Spark Therapeutics



Roche pharmaceutical company buys American Spark Therapeutics
Roche will buy Spark Therapeutics for $ 114.5 per share, with a total value of $ 4.3 billion. The calculation will be in cash: Spark expects to receive $ 500 million of net cash at closing.

The completion of the transaction is expected in the II quarter of the current year.

This price per share is 2.2 times higher than the cost of shares of Spark Therapeutics at the time of the close of trading on the Nasdaq Stock Exchange on Friday, the companies said in press releases.

The transaction was approved by the boards of directors of both companies.

In accordance with the terms of the merger agreement, Roche will immediately make a tender offer to acquire all the outstanding common shares of Spark.

“As the only biotechnology company that successfully commercialized genetic therapy for genetic diseases in the United States, we have created unrivaled competencies in the discovery, development and delivery of genetic drugs. But the needs of patients and families living with genetic diseases are enormous. Roche will help us accelerate the development of gene technologies therapy for more patients," said Jeffrey D. Marrazzo, CEO of Spark Therapeutics.

Spark Therapeutics is based in Philadelphia, Pennsylvania. The company is engaged in the search, development and provision of gene therapy for genetic diseases, including blindness, hemophilia, lysosomal memory disorders and neurodegenerative diseases.

Roche is the world's largest biotechnology company, a market leader in oncology, immunology, infectious diseases, ophthalmology and central nervous system diseases. Roche is also a leader in the field of in vitro diagnostics and tissue diagnostics of cancer, in the treatment of diabetes.

source: reuters.com




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