Eagle Pharma rises on deal to acquire Acacia Pharma

Eagle Pharmaceuticals

28/03/2022 19:52

** Drugmaker's shares  EGRX.O  jump ~11% to $52.22 - set to
snap 7-day losing streak 
    ** Stock among top pct gainers on the Nasdaq Biotechnology
Index  .NBI  
    ** EGRX acquires UK-based Acacia Pharma Group PLC  ACPH.BR 
in a cash-and-stock deal valued at ~94.7 million euros ($103.98
million) urn:newsml:reuters.com:*:nGNX378KHG 
    ** Under terms, each ACPH shareholder to receive 68 euro
cents in cash and 0.0049 shares of EGRX
    ** Co pays total cash consideration of ~71.6 million euros,
expected to be financed by EGRX's existing cash resources
    ** As part of the deal, EGRX acquires the drugs Barhemsys
for treatment and prevention of post-operative nausea and Byfavo
for inducing procedural sedation 
    ** Deal expected to be accretive to EGRX earnings in 2024
    ** Deal terms provide for EGRX to guarantee ~25 million
euros of debt within Acacia 
    ** Including today's session, EGRX down 0.8% while ACPH up
0.7% YTD 


($1 = 0.9107 euros)

 (Reporting by Bhanvi Satija in Bengaluru)
 ((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91
9873062788;))