Business Irish

Sunday 16 June 2019

'Bad cholesterol' drug firm Amryt agrees Aegerion acquisition

Joe Wiley, CEO of Irish pharma firm Amryt
Joe Wiley, CEO of Irish pharma firm Amryt
Ellie Donnelly

Ellie Donnelly

'Bad cholesterol' drug firm Amryt Pharma has agreed to acquire Aegerion Pharmaceuticals, a subsidiary of Novelion Therapeutics.

The all-paper deal implies a value of $190.7m (€171m) for Aegerion and a value of $120m (€107m) for Amryt, a Dublin-headquartered group focused on the treatment of rare conditions.

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Amryt plans to raise $60m in equity concurrent with closing of the deal and is "certain" Aegerion bondholders have agreed to back this equity raise.

The combined group had pro-forma revenues of $136.5m (€122m) in respect of 2018.

New loan facilities for the combined group will be put in place, and the key terms of such facilities have been agreed.

In addition, Amryt's existing European Investment Bank facility is to be repaid.

Amryt CEO Dr Joe Wiley said: "The acquisition of Aegerion accelerates our ambition to become a global leader in treating rare conditions to help improve the lives of patients where there is a high unmet medical need."

"By delivering two substantial revenue-generating products and an enhanced pipeline of promising development opportunities, this will significantly strengthen our growth in highly attractive markets globally."

The combined group's global headquarters will be in Dublin, with its US headquarters in Boston.

Irish Independent

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