The U.K.'s Vectura has inked a deal to buy Innovata plc for $243 million, exchanging one Vectura share for every three shares of Innovata. The deal includes an 11 percent premium over yesterday's close for Innovata shares, a relatively modest sum compared to the prices racked up in a string of recent acquisitions. Vectura gains Innovata's cash hoard and its pipeline of respiratory drugs. Vectura has also been developing drugs for respiratory illnesses, focusing on inhalables. Analysts saw it as a good strategic fit of complementary drug development talents. And with a revenue stream and cash on hand, the newly-expanded Vectura won't have to go looking for financing to integrate Innovata into the fold.
- here's the report on the buyout from Hemscott