Galenica to Buy Relypsa for $1.53 Billion
Drug maker and healthcare services provider Galenica, of Switzerland, has reached an agreement to acquire Redwood City, Calif.-based Relypsa (RLYP) for $1.53 billion to expand its presence in the U.S. cardio-renal market.
The Bern, Switzerland-based Galenica said it will pay $32 per share for Relypsa. The price represents a 59% premium to Relypsa's closing share price on Wednesday. Following the acquisition, Galenica's Vifor Pharma unit will gain full global rights to Relypsa's Veltassa treatment for hyperkalemia, or high blood potassium levels.
"The transaction is in line with the Galenica strategy of growth through in-licensing and acquisitions that build on Vifor Pharma's emerging international leadership in cardio-renal and gastroenterology therapies," the buyer said. "It will also significantly enhance the commercial visibility and presence of Vifor Pharma in the key U.S. cardio-renal market, where Relypsa has already established a significant and powerful specialist sales force."
Galenica shares were up 8.4% by early afternoon in Zurich.