Nycomed to acquire Altana Pharma
Altana AG has sold Altana Pharma AG and its entire pharmaceuticals business to the European-focussed pharmaceuticals company Nycomed.
Altana AG has sold Altana Pharma AG and its entire pharmaceuticals business to the European-focussed pharmaceuticals company Nycomed.
The completion of the transaction is subject to approval by the competent antitrust authorities in the EU and the US. Closing is expected by the end of this year and the transfer of the business is planned as of January 1, 2007.
The total purchase price to Altana is expected to amount to approximately Euro 4.5 billion. The net proceeds of the transaction will be transferred to Altana's shareholders in 2007.
With the divestiture of its pharmaceutical activities, the previously announced separation of Altana into two separate pharmaceuticals and chemicals businesses will be completed. After the divestiture, Altana will focus on its specialty chemicals business Altana Chemie. Altana will maintain its stock exchange listing, and Susanne Klatten remains majority shareholder.
'After just under 30 years after the foundation of Altana in 1977, this is the most defining moment in the Company's history,' said Dr Nikolaus Schweickart, president and ceo of Altana.
'In Nycomed we have found a strategic match for our pharmaceuticals business. Combining Altana Pharma's market strength and research capabilities with Nycomed's strong position within development and in-licensing, provides a sustainable future for the new company,' Schweickart added.
'Merging the two companies will provide a leadership position in our European home markets and a strong platform in some of the world's fastest growing pharmaceutical markets, including Russia-CIS and South America,' said Dr Hakan Bjorklund, Nycomed ceo.
If the transaction is approved, Bjorklund and Toni Weitzberg, chairman of the Nycomed board, will continue as ceo and chairman of the board of the combined group respectively. Dr Hans-Joachim Lohrisch, Altana Pharma president and ceo, will be a member of the board of the combined group.
