SERB Pharmaceuticals, a Belgian drug developer with U.S. headquarters in West Conshohocken, has reached a $412 million deal to acquire Y-mAbs, writes John George for the Philadelphia Business Journal.
Under the terms of the deal, SERB will pay stockholders of the Princeton biopharmaceutical company $8.60 per share in cash. This purchase price represents a premium of approximately 105 percent over Y-mAbs’ closing share price of $4.19 on Monday. Following the announcement of the acquisition on Tuesday, the company’s shares more than doubled, rising to $8.50.
According to Jeremie Urbain, chairman of SERB, the proposed acquisition will enhance the company’s portfolio of treatments for rare cancers and support its strategy to build a “leading global specialty pharma platform.”
The centerpiece of the acquisition is Danyelza, Y-mAbs’ flagship therapy and the first FDA-approved treatment for relapsed or refractory high-risk neuroblastoma.
“High-risk neuroblastoma is not only a rare and devastating pediatric cancer, but also one of the most difficult to treat,” said Vanessa Wolfeler, SERB’s CEO. “Working together with the team from Y-mAbs, I believe we can continue generating data for [Danyelza] and expand partnerships to additional oncology centers.”
Read more about SERB Pharmaceuticals in the Philadelphia Business Journal
