Corporate News Blog - Norgine’s Acquisition of Merus Labs Crosses Final Hurdle as Spanish Anti-Trust Agency Okays the Deal
Research Desk Line-up: Summit Therapeutics Post Earnings Coverage
LONDON, UK / ACCESSWIRE / July 6, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Merus Labs International Inc. (NASDAQ: MSLI), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=MSLI. The Company and Norgine B.V. announced on July 03, 2017, that the Spanish anti-trust agency – the Comisión Nacional de los Mercados y la Competencia, has approved the acquisition of Merus Labs by Norgine. This is the last regulatory approval required by Norgine to complete the acquisition. For immediate access to our complimentary reports, including today's coverage, register for free now at:
http://protraderdaily.com/register/
Discover more of our free reports coverage from other companies within the Drug Manufacturers - Other industry. Pro-TD has currently selected Summit Therapeutics PLC (NASDAQ: SMMT) for due-diligence and potential coverage as the Company reported on June 14, 2017, its unaudited financial results for Q1 which ended on 30 April 2017. Tune into our site to register for a free membership, and be among the early birds that get our report on Summit Therapeutics when we publish it.
At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on MSLI; also brushing on SMMT. Go directly to your stock of interest and access today's free coverage at:
http://protraderdaily.com/optin/?symbol=MSLI
http://protraderdaily.com/optin/?symbol=SMMT
Norgine requires that at least 66⅔% of Merus Labs' shareholders vote in favor of the transaction for the deal to be completed. Merus Labs has scheduled a special meeting of its shareholders on July 10, 2017, to request its shareholders to vote in favor of the transaction. Once more than 66⅔% shareholders vote in favor of the deal, and the legal requirement and other closing conditions are completed, the deal would be final. The shareholders have time till 10.00 am (Toronto time) on July 06, 2017, to cast their vote on the matter either in person or through proxy. It is estimated that after completing all formalities the transaction will close on or around July 17, 2017.
Merus Labs and Norgine's Arrangement Agreement
In May 2017, Merus Labs and Norgine had entered into a definitive agreement wherein, Norgine would acquire all issued and outstanding common shares of Merus for $1.65 per share in cash along with any debts. The total enterprise value of the deal was pegged at approximately $342 million. The agreement comes with a termination fee clause. According to the termination clause, Norgine will be entitled to a termination fee of $7.5 million, in the event that Merus Labs backs out of the deal with Norgine and enters into a superior agreement with a third party.
The acquisition would boost Norgine's position as Europe's specialist pharma Company. Both Companies' Boards of Directors had already approved the deal.
Norgine had already arranged for the financing for the deal using a mix of cash in hand and fresh debt. The transaction was expected to close by September 30, 2017, subject to receiving shareholders and regulatory approvals and other closing conditions.
About the partners to the agreement
Norgine is a leading European specialty pharmaceutical Company with a rich history of over 110 years. The Company is headquartered in the Netherlands and has an R&D site in Hengoed, Wales as well as two manufacturing sites in Hengoed, Wales and Dreux, France. The Company's expertise is in the fields of gastroenterology, hepatology, cancer, and supportive care. It has a global team of over 1,000 people.
For the FY16, Norgine recorded total revenues of over €368 million.
Merus Labs is a specialty pharmaceutical Company with products in oncology, women's health, cardiovascular, urology, and infectious diseases focused on Europe. The Company is engaged in the acquisition and licensing of branded prescription pharmaceutical products. The Company's corporate headquarter is in Toronto, Canada and its European headquarter is in Luxembourg.
Last Close Stock Review
On Wednesday, July 05, 2017, the stock closed the trading session at $1.27, rising 1.57% from its previous closing price of $1.25. A total volume of 9.42 thousand shares has exchanged hands. Merus Labs' stock price skyrocketed 39.52% in the last three months, 45.93% in the past six months, and 0.99% in the previous twelve months. Furthermore, since the start of the year, shares of the Company have soared 45.93%. At Wednesday's closing price, the stock's net capitalization stands at $148.23 million.
Pro-Trader Daily:
Pro-Trader Daily (Pro-TD) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and Canadian stocks. PRO-TD has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles, and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.
PRO-TD has not been compensated; directly or indirectly; for producing or publishing this document.
PRESS RELEASE PROCEDURES:
The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third-party research service company (the "Reviewer") represented by a credentialed financial analyst [for further information on analyst credentials, please email contact@protraderdaily.com. Rohit Tuli, a CFA® charter holder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by PRO-TD. PRO-TD is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.
NO WARRANTY
PRO-TD, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. PRO-TD, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, PRO-TD, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.
NOT AN OFFERING
This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither PRO-TD nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://protraderdaily.com/disclaimer/.
CONTACT
For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:
Email: contact@protraderdaily.com
Phone number: (917) 341.4653
Office Address: Mainzer Landstrasse 50 Frankfurt am Main, Germany 60325
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
SOURCE: Pro-Trader Daily
