Belgian-based biopharmaceutical company TiGenix NV on Friday confirmed that Takeda Pharmaceutical Company has announced its intention buy TiGenix.
According to TiGenix, Takeda will buy all the securities with voting rights or giving access to voting rights of TiGenix they don’t already own. The said price is €1.78 per share.
The Belgian company said Takeda plans to launch the bid shortly after the approval from the Belgian Financial Services and Markets Authority (FSMA). The European Medicines Agency approval for Cx601 is expected during the first half of 2018.
TiGenix’ board of directors supported the bid, and will provide its formal response to the proposed takeover bid.
Gri-Cel and its affiliate Grifols Worldwide Operations Ltd., holding 32,238,178 and 7,189,800 TiGenix TiGenix shares respectively, have confirmed that they will tender their shares and American Depositary Shares held in TiGenix into the potential public takeover bid.
Takeda said that the acquisition is a natural extension of an existing partnership agreement between Takeda and TiGenix, which aims to bring new treatment options to patients with gastrointestinal disorders.
Andrew Plump, Chief Medical and Scientific Officer, Takeda said that Takeda, a leader in gastroenterology, recognizes the complex physical, emotional and social barriers that people living with fistulizing Crohn’s disease experience. He said that limited treatment options exist today and its possible to be most effective in serving this population by working in collaboration with partners who enable more efficient exploration of innovative approaches, including stem cell therapies. “I have had the opportunity to work alongside the TiGenix team throughout our collaboration and know that we have shared goals and varied, but complementary expertise. I am thrilled at the prospect of welcoming them as part of our organization,” he explained.
In July 2016, Takeda and TiGenix entered into an exclusive ex-U.S. license, development and commercialization agreement for Cx601, the leading investigational therapy in TiGenix’s pipeline. In the U.S., Takeda intends to work with the U.S. FDA to facilitate the development and potential approval of Cx601. Takeda is also exploring the steps required for regulatory filing of Cx601 for patients in Japan, Canada and emerging markets.
Eduardo Bravo, CEO of TiGenix said that Takeda’s bid is a positive step for TiGenix’ security holders and reflects the true value of our dedication to patients over the last few years. “We believe that TiGenix’s expertise would help accelerate Takeda’s ambition to develop novel stem cell therapies. Takeda is a patient centric company that offers the best capabilities and resources to ensure access to Cx601 to patients worldwide,” he said.