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NDRM - Neuroderm News Story

$38.85 0.0  0.0%

Last Trade - 17/10/17

Sector
Healthcare
Size
Micro Cap
Market Cap £n/a
Enterprise Value £n/a
Revenue £n/a
Position in Universe th / 7292

UPDATE 1-Mitsubishi Tanabe Pharma to buy Israel's Neuroderm for $1.1 bln in U.S. push

Mon 24th July, 2017 8:37am
* All-cash deal expected to close in Q4 2017 
    * Deal to help Japanese firm hit 2020 U.S. sales target 
 
 (Adds details of deal, Neuroderm's pipeline) 
    TOKYO, July 24 (Reuters) - Japan's Mitsubishi Tanabe Pharma 
Corp  4508.T  is acquiring Israeli drug maker Neuroderm  NDRM.O  
for $1.1 billion in cash as part of a strategy to grow its 
business in the United States. 
    The Japanese drugmaker said in a statement on Monday it 
would leverage Neuroderm's Parkinson's disease drug product that 
has commenced clinical trials in the United States and Europe 
and is expected to launch in financial year 2019. 
    It said the acquisition is intended to help it "achieve its 
U.S. sales target of 80 billion yen by FY2020". 
    The deal will be one of the largest ever purchases of an 
Israeli firm by a Japanese company, surpassing internet retailer 
Rakuten Inc's  4755.T  $900 million acquisition of chat app 
Viber in 2014. 
    Mitsubishi Tanabe Pharma will pay $39 dollars for each 
Neuroderm share, a premium of about 17 percent to its Friday 
close. The deal is expected to close in the fourth quarter of 
2017. 
 
 (Reporting by Sam Nussey; Additional reporting by Tova Cohen in 
Tel Aviv; Editing by Muralikumar Anantharaman) 
 ((sam.nussey@thomsonreuters.com; +81364411596; Reuters 
Messaging: sam.nussey.thomsonreuters.com@reuters.net)) 
 
Keywords: NEURODERM M&A/MITSUB TANABE
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