Canada-based pharmaceutical company Cipher Pharmaceuticals Inc has reached an agreement to acquire Cardiome Pharma Corp for a non-dilutive consideration of C$25.5m ($19.47m).
The target company’s Canadian business portfolio will be acquired by Cipher and a new company named Correvio Pharma Corp will be created, which Cardiome Pharma shareholders will be issued in shares of 1:1 ratio.
Cardiome’s assets and liabilities, except those of the Canadian business portfolio, and will be assumed by Correvio Pharma Corp.
The acquirer company sees numerous benefits from the acquisition such as creating a new vertical with expansion into Hospital Specialty business, increase in revenue, new product launches and opportunities.
The target company develops therapies for the treatment of heart diseases.
Sygnis AG has reached an agreement to acquire Australian immunoassay technology company TGR BioSciences Pty Ltd with the aim of strengthening its technology portfolio and customer base.
The purchase consideration for the acquisition has been agreed to be €10.4m ($12.78m).
Sygnis will make an upfront payment of €6.5m ($7.98m) and performance-based payments of up to €1.88m ($2.31m) after the first and second years. It also has an option for convertible bond to make the performance-based payment.
The purchase consideration further includes promissory note loan of €1.3m ($1.59m) due one year after the transaction closure date.
Sygnis AG has also announced a private placement of shares to raise €6.64m ($8.16m) in gross proceeds.
The placement will involve 4.74 million shares priced at €1.40 ($1.72) a share. The acquisition is also expected to significantly boost Sygnis's business scale.
Based in Germany, Sygnis is a biopharmaceutical company.