BioXell, Cosmo deal
Specialty pharmaceutical company Cosmo will acquire BioXell in a cash, stock and put option transaction that the companies said values BioXell at CHF7.68 per share, or CHF41.3 million ($41 million) based on 5.4 million shares outstanding on Nov. 17. The price is a 24% premium to BioXell's close of CHF6.20 on Nov. 17, the day before the deal was announced. For each BioXell share, shareholders will receive CHF2.81 in cash, 0.21 Cosmo shares and 0.21 put options to resell those shares to Cosmo at CHF21 per share between July 1, 2011 and Dec. 31, 2011. Cosmo closed at CHF19.40 on Nov. 17. BioXell said the structure of the deal provides "full down-side protection" to its shareholders.
BioXell also has the right to sell any of its compounds or technologies prior to the deal's close, including its BXL1H5 antibody. The humanized antibody against TrkA ( NTRK1, Neurotrophic tyrosine kinase receptor 1) is in preclinical development for chronic pain. ...