Amryt Pharma skyrockets on $1.48 bln buyout deal

Sabien Technology

09/01/2023 19:05

** U.S.-listed shares of drugmaker Amryt Pharma plc  AMYT.O 
surge 108.6% to more than 1-1/2-year high of $14.6
    ** Stock set for its biggest ever one-day rise, if gains
hold
    ** Italy's Chiesi Farmaceutici said on Sunday it will
acquire drugmaker Amryt Plc  AMYT.L  in a deal valued at $1.48
bln
    ** Amryt shareholders will receive $14.50 per American
Depositary Share (ADS) in cash upfront
    ** Shareholders to also receive contingent value rights
(CVR) of up to an additional $2.50 per ADS based on achievement
of certain milestones by Filsuvez, a drug approved in Europe for
an inherited skin disease called epidermolysis bullosa
    ** The deal represents a 107% premium to Amryt ADS' closing
price on Jan 6
    ** CVR refers to a right often granted to shareholders of a
company facing restructuring or a buyout
    ** Stock lost ~33% last year
 (Reporting by Sriparna Roy)
 ((Sriparna.Roy@thomsonreuters.com;))