Upsher-Smith To Pay £223M For UK Drug Co. Proximagen

Law360, New York (June 13, 2012, 1:40 PM EDT) -- Minnesota-based pharmaceuticals manufacturer Upsher-Smith Laboratories Inc. will shore up its product pipeline with the £223 million ($346.7 million) purchase of British biotech company Proximagen Group PLC, a neuroscience industry specialist, the companies said Wednesday.

Proximagen stands to rake in up to an additional £133.8 million for the sale based on the future success of products now in development, including a rheumatoid arthritis treatment and an obesity drug, the company said. Upsher-Smith's base offer represents a 50 percent premium over Proximagen's average per-share closing price during the...
To view the full article, register now.