The Cross-Border Biotech Blog

Biotechnology, Health and Business in Canada, the United States and Worldwide

Monday Biotech Deal Review: November 16, 2009

B&W_BigNickelThis week’s Canadian biotech roundup features a dose of all kinds of deals, though common shares appear to be figuring more prominently lately than they were earlier in 2009.  Lots of multijurisdictional activity too, with the U.S., the UK and Germany all participating in this week’s transactions. Other notable cross-border developments include the acquisition of IMS Health by CPP (and TPG), and Agrium’s continuing play for CF Industries.  Keep reading

Securities — Some Things Old, Some Things New, Something Borrowed…

Licensing and Collaboration — Cross-Border Style

Mini Merger Mania

  • Prism Medical Ltd. (TSXV: PM), supplier of durable medical equipment and services for the mobility-impaired, completed the acquisition of a similar UK supplier for a purchase price of $800,000 ($400,000 paid up-front, and the remaining $400,000 payable over three years at 7% interest), with the purchase effective as of November 6, 2009.
  • NUCRYST Pharmaceuticals Corp. (NASDAQ: NCST) (TSX: NCSagreed to sell its operations and assets to Smith & Nephew plc. (LSE: SN) (NYSE: SNN) for US$21M. The Westaim Corporation (TSX: WED), which owns 75% of NUCRYST, agreed to the transaction in connection with a deal to absorb NUCRYST by amalgamation for US$1.77 per share.   Following the NUCRYST-Smith & Nephew transaction, NUCRYST will amalgamate with a new wholly-owned subsidiary of Westaim, and shareholders of NUCRYST will receive redeemable preferred shares in the capital of the amalgamated company in exchange for their NUCRYST shares. The shares will be redeemed upon completion of the amalgamation for cash, and Westaim will receive all the common shares of the amalgamated company.  Following closing, NUCRYST will delist from the TSX and NASDAQ.

Thanks again to Jacob Cawker for help with this week’s deal review.

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2 responses to “Monday Biotech Deal Review: November 16, 2009

  1. Pingback: Monday Biotech Deal Review: December 7, 2009 « The Cross-Border Biotech Blog

  2. Pingback: Monday Biotech Deal Review: February 15, 2010 « The Cross-Border Biotech Blog

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