Report

Flash note: Vectura and Skyepharma announce merger

Vectura and Skyepharma (SKP) have announced they have reached a merger agreement; under the terms of the deal SKP shareholders will be entitled to receive 2.7977 new Vectura shares for every SKP share, valuing the company at £441.3m or 410.15p per share. Our last published valuation (A shining start to 2016) of SKP is 422p/share. The rationale for the merger is to combine the complementary inhalation businesses and create an industry-leading respiratory speciality business to accelerate growth in the global inhaled market and provide shareholders of the enlarged company with a broader product and development portfolio. Based on the closing share price on 15 March, the newly enlarged group would have had a pro-forma market capitalisation of £1,014.3m.
Underlying
Skyland Petroleum

Skyland Petroleum is engaged in the licensing of copyright for feature films.

Provider
Edison Investment Research
Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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