Under the terms of the acquisition agreement, Cytogen shareholders will receive $0.62 per share, valuing the company at $22.6 million. To meet the consideration, Eusa has raised over $50 million in an investment round led by TVM Capital. Eusa will now apply to delist all Cytogen’s issued shares from the NASDAQ stock exchange.
Cytogen brings to Eusa three oncology and pain control products, a US specialty sales force and an established commercial infrastructure. With the completion of the acquisition, Cytogen will form a wholly-owned subsidiary of Eusa and will operate under the Eusa name.
Bryan Morton, CEO of Eusa, said: “We plan to rapidly integrate the Cytogen organization, allowing us to compete with major players as we accelerate our search for additional specialty products to leverage our infrastructure on both sides of the Atlantic.”