Ipsen To Buy Albireo; Acquisition To Provide Immediate Incremental Sales

(RTTNews) - Ipsen and Albireo have entered into a merger deal under which Ipsen will acquire Albireo, a rare disease company focused on the development of bile acid modulators to treat pediatric and adult liver diseases. Albireo's lead product, Bylvay, was approved by the FDA as the first drug for the treatment of pruritus in all types of progressive familial intrahepatic cholestasis, and in Europe for the treatment of progressive familial intrahepatic cholestasis. Albireo was spun out from AstraZeneca in 2008 and is headquartered in Boston, Massachusetts, with an operating subsidiary in Gothenburg, Sweden.

Ipsen, through a subsidiary, will initiate a tender offer to acquire all outstanding shares of Albireo at a price of $42.00 per share in cash, for an initial estimated aggregate consideration of $952 million plus one contingent value right per share. Each CVR will entitle its holder to deferred cash payments of $10.00 per CVR payable upon the FDA approval of Bylvay in the Biliary Atresia indication at the latest by 31 December 2027. The Board of Albireo has approved the transaction.

Ipsen will also acquire Albireo's clinical stage asset A3907, an oral systemic apical sodium-dependent bile acid transporter inhibitor currently in development for adult cholestatic liver disease.

Ipsen said the acquisition of Albireo will provide immediate incremental sales and strengthen the company's rare disease infrastructure. The company expects the acquisition to be dilutive to core operating income until the end of 2024.

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