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Movetis NV (MOVE), the European gastrointestinal (GI) speciality pharmaceutical company, announces today that it has won the European Financing Deal of the Year and the European M&A Deal of the Year at the PharmaVentures European Deals 2010 Awards. The awards recognise Movetis’ successful IPO on Euronext Brussels in December 2009, as well as the recent public tender offer by Shire on all outstanding shares and warrants of Movetis. These prestigious awards were presented yesterday night at the Sachs Associates 10th Annual Biotech in Europe Investor Forum in Zurich.
These awards reflect the rapid development and success of Movetis before and since its IPO in 2009.
In October last year the Company gained the authorisation to market Resolor for the symptomatic treatment of chronic constipation in women in whom laxatives fail to provide adequate relief in 30 European countries. This was followed by Movetis’ successful IPO on Euronext Brussels in December 2009 and the commercial launch of Resolor in the first European markets in the first half of 2010. In August 2010, Switzerland became the 31st country where Resolor is approved in a first indication.
The awards also reflect the significant increase in the shareholder value that Movetis has created since it was founded.
On August 3, 2010, Movetis received a conditional offer from a Luxembourg incorporated wholly-owned subsidiary of Shire plc to acquire all outstanding shares and warrants of Movetis NV at an offer price of €19.00 per share in cash, valuing the Company’s equity, on a fully diluted basis, at €428 million. Shire’s offer price of €19.00 per share represents a premium of 74% to Movetis’ closing price on Euronext Brussels as per August 2, 2010, the day prior to the announcement of Shire’s intention to acquire Movetis; a premium of 108% to the arithmetic average price of Movetis shares for the period from July 2, 2010 until and including August 2, 2010; and a premium of 55% to the Movetis’ IPO offer price of €12.25 in December 2009. The acceptance period for the public tender offer by Shire ended on Monday, September 27, 2010, and Movetis has been informed that Shire has published the results of this tender offer earlier today (www.shire.com).
The European Deals of the Year Awards celebrate the very best in European biopharmaceutical deal making and are organized by PharmaVentures, a UK-based specialist advisory firm for the healthcare industry, in association with Sachs Associates 10th Annual Biotech in Europe Investor Forum in Zurich. The participants at this conference, along with other industry professionals, voted for three award categories: the European Licensing Deal of 2010, the European M&A Deal of 2010, and the European Financing Deal of 2010.
Catherine Moukheibir, CFO of Movetis, who received the awards on behalf of Movetis, commented: “We are honoured to have received these awards which recognise Movetis’ rapid development, its success and its creation of shareholder value since the Company was founded in November 2006.”
Dirk Reyn, CEO of Movetis, added: “This track record led to the offer to join forces with Shire, one of the most valuable specialty pharmaceuticals companies with a strong presence in the US and Europe. The management teams of Movetis and Shire believe that, together, we will be able to build on our knowledge and expertise and strengthen our existing European teams and infrastructure to become a partner of choice for European GI specialists.”
Source: Movetis
Tags: awards
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