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Novartis buys back Speedel to boost its pipeline
25 Aug 2008
Executive Summary
After spinning out Speedel (cardiovascular and metabolic diseases) in 1998, Novartis is buying back the now-public company. Novartis has raised its current 9.7% equity stake to 61.4% through the acquisition of about 4mm registered shares from five major shareholders, including company CEO Alice Huxley who held a 21.5% stake. The investors received a total of CHF525.4mm ($509mm) or about CHF130 per share (a 98% premium).
Deal Industry
- Biotechnology
- Pharmaceuticals
Deal Status
- Final
Deal Type
-
Acquisition
- Full Acquisition
- Payment Includes Cash
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Novartis buys back Speedel to boost its pipeline
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