StreetInsider.com Notable Mergers and Acquisitions of the Day 10/18
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Shares of Neurochem Inc. (Nasdaq: NRMX) were 37% higher yesterday on takeover speculation, following a research report from Citigroup claiming, mega-pharmaceutical company Pfizer (NYSE: PFE) is "on the prowl for biologics deals"
Citigroup said Pfizer will likely focus on smaller deals, and highlighted Biogen (Nasdaq: BIIB) and ImClone (Nasdaq: IMCL) as likely targets.
Investors seem to believe Neurochem is another likely target for Pfizer, even though Citigroup made no mention of the company in its report.
A sell-side analyst StreetInsider.com talked to, who spoke off the record, said, "We see little or no chance of this happening".
Aspreva Pharmaceuticals Corporation (NASDAQ: ASPV) entered into a combination agreement with Galenica Group under which Galenica will acquire all of Aspreva's outstanding shares at a price of US$26.00 per share in cash. The total value of the transaction is approximately US$915 million.
Rick's Cabaret (NASDAQ: RICK) signed a Letter of Intent to buy an existing adult nightclub in the Southeastern United States that it believes will add about $18 million in annual revenue and about $8 million in EBITDA (earnings before income taxes, depreciation and amortization). For the twelve months ended June 30, 2007, Rick's had revenues of approximately $29 million and EBITDA of approximately $4.4 million.
Under terms of the Letter of Intent, the club will be acquired for $25 million. The acquisition is subject to completion of due diligence, obtaining appropriate financing, the transfer of all necessary permits and other authorizations, and execution of definitive documents. The name of the fully licensed club and its location are being kept confidential until the execution of definitive documents. The company presently plans to finance this acquisition primarily through debt.
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