Biotech Growth Trust PLC, International Biotechnology Trust PLC, ad RTW Biotech Opportunities Ltd have all noted the agreement announced by Biogen Inc on Tuesday to acquire Apellis Pharmaceuticals, Inc.
Apellis, a Waltham, Massachusetts-based biopharmaceutical company that develops treatments for serious diseases, is a portfolio company of all three companies.
All outstanding shares in Apellis will be purchased for $41.00 in cash, totalling approximately $5.60 billion. This was a premium of over double the closing share price on 30 March.
Shares in Nasdaq-listed Apellis were up 0.4% to $40.39 in New York on Wednesday, and have more than doubled since the acquisition announcement on Tuesday.
Shareholders will also receive $4.00 per share of contingent value right payments, based on Apellis products achieving certain sales milestones.
On March 30, Biotech Growth Trust’s holding in Apellis represented 1.7% of its net asset value at the time of the announcement.
For International Biotechnology Trust, it represented 2.5% NAV, and for RTW Bio, as at close of business on the end of February, it represented 1.2%.
Biogen is a Cambridge, Massachussets-based biotechnology company also listed on Nasdaq. Shares in Biogen are down 0.3% at $182.84 in New York on Wednesday.
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