Shares of life-sciences company Cambrex (CBM - Get Report) surged more than 47% on Wednesday after it said it had struck a deal to be acquired by pharmaceutical-focused private-equity firm Permira Funds for $2.4 billion, including debt.
59.79 USD +19.01 (46.62%)
Cambrex stock was up 46.62%, or $19.01, at $59.79 in early trading on the New York Stock Exchange after the molecular pharmaceutical products maker said it had struck an agreement with an affiliate of private-equity firm Permira for $60 a share in cash, representing a 47.1% premium to Cambrex's closing stock price on Tuesday.
"This agreement is a strong endorsement of our strategy and represents significant value for our shareholders," Cambrex CEO Steve Klosk said in a statement.
Cambrex to be Acquired by the Permira Funds for $60.00 per Share in Cash: https://t.co/XB8LzMYlA1— Cambrex (@cambrex) August 7, 2019
Completion of the transaction is subject to typical closing conditions, including approval by Cambrex's shareholders and regulatory approvals. Closing is expected to occur in the fourth quarter.
Cambrex offers specialist drug substance technologies and capabilities including biocatalysis, continuous flow, controlled substances, solid state science, material characterization and highly potent APIs.
Permira advises funds with total committed capital of approximately $48 billion. The Permira funds have made over 250 private equity investments primarily in the technology, consumer, financial services, industrial tech and services and healthcare sectors.