As per the deal, AstraZeneca will acquire Omthera for $12.70 per share, or approximately $323m, which has an Enterprise Value of approximately $260m after incorporating Omthera’s cash balances of approximately $63m.
Each Omthera shareholder will receive Contingent Value Rights (CVRs) of up to $4.70 per share, equal to around $120m in total, upon achieving specified milestones related to Epanova, or a milestone related to global net sales.
A novel omega-3 free fatty acid composition, Omthera’s Epanova has been developed for the potential treatment of patients with very high triglycerides and is proven to sustain significant levels of eicosapentaenoic acid and docosahexaenoic acid in the blood.
AstraZeneca chief executive officer Pascal Soriot said, "Epanova offers real potential both as a distinctive monotherapy for the treatment of hypertriglyceridemia and in combination with Crestor for patients at high risk of adverse cardiovascular events."
Omthera president and CEO, board member, and co-founder Gerald Wisler added, "We believe strongly that AstraZeneca can maximize the value of Epanova not only as a monotherapy treatment for dyslipidemia but also as a treatment for cardiovascular disease in combination with Crestor."
Expected to close in the third quarter of 2013, the transaction is subject to the approval of Omthera’s shareholders in addition to other conditions, including customary regulatory approvals.