Ipsen acquires US partner Tercica

Building on a cross-licensing deal and hoping to further propel itself into North America, Ipsen is acquiring a majority interest in publicly traded endocrinology player and its US partner Tercica. Ipsen will acquire the outstanding Tercica common shares it does not already own; upping its holdings to 68% (the 2006 agreement had given it a 25% stake). The French pharma will pay $404mm or $9 in cash per share (a 111% premium)--13 times Tercica's 2007 sales of $31mm. Tercica has about $95mm in cash equivalents. The combined entity aims to achieve global revenues exceeding $250mm by 2012.