By Lisa Kerner
Charlotte, N.C., May 18 - Takeda Pharmaceutical Co. Ltd. subsidiary Takeda America Holdings, Inc. will acquire IDM Pharma, Inc. in a $2.64-per-share cash tender offer, it was announced on Monday.
Both companies' boards of directors have approved the transaction. Takeda expects to complete its acquisition of the Irvine, Calif., biopharmaceutical company in June and no later than July 22.
Some IDM shareholders have agreed to tender their shares, representing approximately 55% of the outstanding IDM common stock, into the offer, a joint news release from the companies said.
Takeda's business unit responsible for global oncology strategy will have responsibility for Mepact (mifamurtide), IDM's primary asset, while Takeda Pharmaceuticals Europe Ltd. will commercialize Mepact in Europe.
IDM received European marketing approval for Mepact, a therapy indicated for the treatment of malignant bone cancer following surgical removal of the tumor in children, adolescents and young adults, according to the release.
Takeda is a research-based pharmaceutical company based in Osaka, Japan.
| Acquirer: | Takeda Pharmaceutical Co. Ltd.
|
| Target: | IDM Pharma, Inc.
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| Announcement date: | May 18
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| Price per share: | $2.64
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| Expected closing: | June 2009
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| Stock price of target: | Nasdaq: IDMI: $1.70 on May 15
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