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Celltech Chiroscience PLC acquires Medeva PLC for $914mm
04 Jan 2000
In a stock swap, Celltech Chiroscience PLC (CCP) has acquired competitor Medeva PLC, exchanging 34 of its shares for every 100 Medeva shares held. Based on CCP's closing price of $7.87 the day before the announcement, it is paying $2.67 per share of Medeva, representing about a (pr)16% premium to Medeva's pre-announcement price,valuing the transaction at $914mm (UK563mm). CCP shareowners will hold 56% of the combined entity--which will be called the Celltech Group PLC--with Medeva holding the rest. Peter Fellner, Celltech's CEO, will serve in the same capacity at the new company, which will have a $2.1bn pro-forma market cap.
Payment Includes Stock
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