BioAlliance Pharma says agrees to buy Topotarget
PARIS, April 16
PARIS, April 16 (Reuters) - BioAlliance Pharma said it agreed to buy Scandinavian biopharmaceutical company Topotarget to boost the companies' scale and combine their pipelines of new drugs.
Topotarget shareholders will receive 2 new BioAlliance Pharma shares for every 27 Topotarget shares owned, implying approximately one-third ownership for Topotarget shareholders and two-thirds for BioAlliance Pharma.
The transaction, which has been unanimously approved by the boards of directors of both companies, is expected to be completed in July or August, BioAlliance Pharma said in a statement. (Reporting by James Regan; Editing by Clarence Fernandez)