AstraZeneca buys heart drug firm Omthera for up to $443 mln

LONDON Tue May 28, 2013 2:18am EDT

LONDON May 28 (Reuters) - AstraZeneca has agreed to buy Omthera Pharmaceuticals for up to $443 million to build up its cardiovascular drug business, which Britain's second biggest drugmaker has previously identified as a priority area.

AstraZeneca said on Tuesday it had entered into a definitive agreement to buy Omthera for $12.70 per share, or approximately $323 million, a premium of 88 percent on Omthera's closing price on Friday.

In addition, Omthera shareholders will get contingent value rights (CVRs) of up to approximately $4.70 per share, or $120 million in total, depending on the success of Omthera's experimental drug Epanova for treating patients with very high triglycerides, a type of blood fat that is bad for the heart.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

Find your dream retirement town

Florida? Hawaii? Reuters has teamed up with Zillow to give you the power to customize a list of your best places to retire.  Video | Full Article