InsideArbitrage Event Driven Monitor – January 9, 2023

Editor’s Note: Last weekend we did a soft launch of a brand new version of the InsideArbitrage website. We are currently working through any issues and minor fixes in preparation for the full launch next week. The site now includes a new section called “Gurus” and a new premium screen of top performing insiders. We would love to hear your feedback after you get a chance to check out the new site.

Quick updates on the event driven strategies we follow on InsideArbitrage.

Merger Arbitrage

1. Amryt Pharma (AMYT) to be acquired by Chiesi Farmaceutici S.p.A. for $1.25 billion. Under the terms of the merger agreement, Chiesi will purchase all outstanding shares of Amryt for a purchase price per American Depositary Share of Amryt, which each represent 5 Amryt ordinary shares, of US$14.50 (or US$2.90 per ordinary share) in cash, plus Contingent Value Rights of up to US$2.50 per ADS (or up to US$0.50 per ordinary share) payable if certain milestones related to Amryt’s product Filsuvez® are achieved.
2. Albireo Pharma (ALBO) to be acquired by by Ipsen for $952 million. Under the terms of the agreement, Ipsen will acquire all outstanding shares of Albireo at a price of $42.00 per share in cash at the closing of the transaction plus one contingent value right (CVR) per share. Each CVR will entitle its holder to deferred cash payments of $10.00 per CVR payable upon the U.S. Food and Drug Administration (FDA) approval of Bylvay in the Biliary Atresia indication at the latest by 31 December 2027, allowing for a potential increase in the number of patients in the BOLD study.
3. CinCor Pharma (CINC) to be acquired by AstraZeneca (AZN) for $1.3 billion. Under the terms of the agreement, AstraZeneca is obligated to initiate a tender offer by January 23, 2023 to acquire all of CinCor’s outstanding shares for a price of $26.00 per share in cash at closing plus a non-tradable contingent value right of $10.00 per share in cash payable upon a specified regulatory submission of a baxdrostat product.

Only plus or premium subscribers can access this post. Subscribe today.