Eagle Pharmaceuticals Inc

+1.95 (+4.33%)
Other Pre-Announcement, Mergers / Acquisitions

Eagle To Buy Acacia Pharma, Values Capital At 94.7 Mln Euros

Published: 03/28/2022 06:21 GMT
Eagle Pharmaceuticals Inc (EGRX) - Agreement on Terms of a Transfer of Entire Issued and to Be Issued Share Capital of Acacia to Eagle by Way of a Scheme of Arrangement Under Part 26 of Companies Act 2006.
Acacia Board Appointed Greenhill to Undertake Review of Strategic Alternatives to Maximise Value for Acacia Shareholders.
Expects It Would Require a Minimum of Approximately Us$115m of Additional Cash to Fund Operations to Break-even (based on Projections Assuming Break-even by Early FY2025).
Financial Condition Impacted by Physical Access Limitations Caused by Pandemic, Postponement of Surgical Procedures.
Each Scheme Shareholder Will Receive As Consideration for Each Scheme Share, EUR 0.68 in Cash and 0.0049 New Eagle Shares.
Proposed Transaction Values Acacia's Existing Issued and to Be Issued Share Capital at Approximately EUR 94.7 Million on a Fully Diluted Basis.
Cash Portion of Consideration Represents Approximately 75 per Cent.
of Total.
New Eagle Shares That Acacia Shareholders Would Receive Represent Approximately 25 per Cent.
Total Consideration Equates to EUR 0.90 for Each Scheme Share.
Significant Reduction in Available Liquidity As Net Revenue in 2021 and So Far in 2022 Continues to Lag Behind Expectations.