IN BRIEF: Biotech Growth says AtaiBeckley set for Eli Lilly takeover
Biotech Growth Trust PLC - London-based investment trust - Eli Lilly & Co intends to acquire portfolio company AtaiBeckley Inc for approximately USD2.8 billion, or USD6.75 per share, in cash. This represents a 26% premium to AtaiBeckley's closing price on Wednesday. The offer also includes up to USD1 billion in contingent value rights linked to development and regulatory milestones, taking the potential value to USD3.8 billion, or USD9.25 per share, a 73% premium. AtaiBeckley is a clinical-stage biotechnology company focused on developing drugs to treat psychiatric disorders. BIOG says its AtaiBeckley holding accounted for 1.1% of its net asset value at the time of the announcement, and the transaction will be reflected in its Thursday NAV. Says this deal is the latest in a series of successful portfolio takeovers this year. Most recently, in May, French private equity firm ArchiMed SAS agreed to acquire investee Esperion Therapeutics. Read More