Bech-Bruun has advised Japanese Asahi Kasei Corporation on its submission of a conditional voluntary public offer for all shares and warrants in Veloxis Pharmaceuticals A/S. The offer corresponds to a total price of DKK 8.9bn provided that all shares and warrants are sold.
The major shareholders Lundbeckfonden and Novo Nordisk Fonden, the board of directors and management, together holding more than 80% of the shares and warrants of Veloxis, have made an undertaking to sell their shares as part of the public offer.
Veloxis originated from H Lundbeck 17 years ago and is currently listed on Nasdaq Copenhagen but carries on its activities in the USA. Consequently, the transaction is an American M&A via acquisition of a Danish listed parent company. Veloxis is a highly specialised pharmaceutical company dedicated to improving the lives of transplanted patients. The company has developed the product Envarsus XR (tacrolimus extended-release tablets), based on Veloxis's patented delivery technology, MeltDose.
Headquartered in Tokyo, Asahi Kasei is a conglomerate with divisions in the areas of healthcare, housing and materials employing approx. 40,000 people (including the 71-year-old Nobel Prize winner Dr. Akira Yoshino, who invented the lithium battery).
Bech-Bruun has advised on the transaction together with Morgan Lewis & Bocknius in New York and an American investment adviser. With Denmark almost square in the middle of a time difference of 14 hours and 10 hours between Tokyo and New York, this last hectic phase has required work almost around the clock.
Click here to read more about the public offer.