Deals
Galenica to Buy Relypsa for $1.53 Billion to Beef Up in U.S.
- Swiss company offers $32 per share, 59% above Relypsa’s close
- Galenica says Veltassa drug has blockbuster potential
This article is for subscribers only.
Galenica AG, the owner of Switzerland’s biggest pharmacy network, agreed to buy Relypsa Inc. for about $1.53 billion to gain a new medicine and a commercial network in the U.S.
The Swiss company will pay $32 per share in cash for Redwood City, California-based Relypsa, it said in a statement Thursday. That’s 59 percent above Relypsa’s closing price Wednesday of $20.10. Galenica fell 9.5 percent to 1,236 Swiss francs in Zurich. Relypsa jumped 58 percent to $31.84 at 10:47 a.m. in New York.