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Santen acquires controlling interest in Novagali
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OSAKA, Japan — Santen Pharmaceutical has come to an agreement with Novagali Pharma and key shareholders that will grant Santen 50.55% control of Novagali.
Santen purchased the shares at a price more than 71% above Novagali's closing share price Sept. 27. It intends to purchase all remaining shares at the same price and then file a mandatory tender offer.
"Santen believes that by acquiring Novagali, it will be able to strengthen its global business platform," Akira Kurokawa, Santen CEO and president, said in a press release. "Our corporate values are committing Santen to contribute to the protection and improvement of people's eyesight and health as a specialty company in the ophthalmic and anti-rheumatic fields."
"We strongly believe that Santen represents a perfect strategic fit for Novagali Pharma to expand the commercial success of Cationorm and bring Cyclokat to patients," Jerome Martinez, CEO of Novagali, said in the release.
A share purchase agreement has been approved by Santen's board of directors and Novagali's supervisory board and management board.