| 1°C Dublin

AGI Therapeutics sold for €6.6m

PHARMACEUTICAL firm AGI Therapeutics has been sold for €6.6m to Aravis Therapeutics.

The price is well short of the €85m valuation the company had when it listed on the Irish Stock Exchange in 2006.

But the price of €0.0917 also represents a 67pc premium to AGI’s closing price last Friday which has been in decline for the past three years reflecting disappointing trials for its irritable bowel syndrome and a failure to attract a development partner.

"We believe the offer represents an attractive premium relative to our recent share price trading history and when the offer is considered alongside other alternatives the offer represents the best outcome for shareholders," Ronan Lambe, chairman of AGI, said in a statement.