Chiesi Farmaceutici to acquire biopharma company Amryt Pharma for $1.5bn
Chiesi Farmaceutici, an Italian biopharmaceuticals and healthcare group, has agreed to acquire Amryt Pharma, a commercial-stage biopharmaceutical company, in an all-cash transaction valued at around $1.48 billion.
The transaction value constitutes an upfront payment of around $1.25 billion and an additional $225 million of potential consideration payable if certain milestones related to Amryt Pharma’s Filsuvez (Oleogel-S10) product are achieved before 31 December 2024.
Post-closing, Chiesi Farmaceutici anticipates adding rare disease medicine to its portfolio.
The Ireland, UK-based drugmaker Amryt Pharma acquires, develops, and markets new treatments for rare and orphan diseases, and the company’s Filsuvez is approved for the treatment of epidermolysis bullosa wounds.
Marco Vecchia — Chiesi Farmaceutici Group CEO said: “With this Transaction, we are further expanding our commitment to people living with rare diseases, the majority of which still have no cure or approved treatment.
“This addition of the Amryt portfolio, as well as their expertise, will help us on our journey to bring medicines to patients, no matter how rare their condition may be.
“Amryt has steadily brought innovative products to new markets and, by adding them to the Chiesi portfolio, we hope to make them available to even more patients who may require them.”
Centerview Partners and Moelis & Company are acting as exclusive financial advisors to Chiesi and Amryt Pharma respectively.
Dechert is acting as legal advisor to Chiesi Farmaceutici while Cooley, and Gibson Dunn & Crutcher are serving as legal advisors to Amryt Pharma.
Dr. Joe Wiley — Amryt Pharma CEO said: “I am incredibly proud of what Amryt has accomplished for patients, their families, healthcare professionals and shareholders since we established our business in 2015. In less than 8 years, we have built from the ground up, a high growth and globally respected company in the biotechnology industry and the rare disease space.
“These accomplishments are a testament to the Amryt team’s commitment and passion for patients that are impacted by rare and orphan diseases. Chiesi is aligned with Amryt’s commitment and passion and I believe Chiesi will further maximise the value of Amryt’s current portfolio and pipeline and most importantly, will accelerate our ability to reach more patients in need globally.”
Expected to complete by the end of the first half of 2023, the acquisition is subject to the approval of Amryt Pharma shareholders, sanction by the High Court of Justice of England and Wales as well as other customary closing conditions.
Chiesi Farmaceutici has a research and development center in Parma and works alongside six other research and development hubs in France, the US, Canada, China, the UK, and Sweden.