On march 11, 2008, EUSA Pharma Inc. announced its’ most recent acquisition deal. EUSA Pharma Inc. acquired Cytogen Corp. through an acquisition worth $22.6 million.
Details of the Acquisition Deal
EUSA Pharma Inc. declared it had signed a definitive agreement with Cytogen Corp. According to the agreement, EUSA Pharma Inc. would purchase all outstanding shares of Cytogen Corp. for $22.6 million.To finance the acquisition deal, and to meet other investment requirements, EUSA Pharma Inc. raised funds worth $50 million through an investment round.
The investment round was led by the reputed venture capital firm, TVM Capital. Other investors who participated were Goldman Sachs, Essex Woodlands, Advent Venture Partners, NovaQuest, SV Life Sciences and NeoMed.The shareholders of Cytogen Corp. would receive $0.62 per share.
The transactions of the acquisition deal would be completed only after receiving approval from the majority of shareholders of Cytogen Corp.
The completion of the deal would also be subject to certain pre-closing conditions. EUSA Pharma Inc. has plans to delist all shares of Cytogen Corp. from the NASDAQ Stock Exchange, upon completion of the acquisition.
Bryan Morton, Chief Executive of EUSA Pharma Inc., opinoned that the acquisition deal reflected a very important strategic decision of EUSA Pharma Inc., especially when the company was going through the process of commercialization of infrastructure. He also stated that the products of Cytogen Corp. and its’ infrastructure in USA, would ideally complement the business of EUSA Pharma Inc.