Grünenthal, a Germany-headquartered global pharma focused on pain management, has agreed to acquire Stivarga, an oral treatment for specific advanced cancers, from Bayer AG for up to €375m (US$430m).
Stivarga (regorafenib) is an oral multkinase inhibitor indicated for metastatic colorectal cancer, hepatocellular carcinoma and gastrointestinal stromal tumours (GIST) in patients who have already been treated with, or who cannot be given, other available treatments. It is approved and available in more than 90 markets worldwide.
“This acquisition is a strong strategic fit for Grünenthal,” said Gabriel Baertschi, CEO, Grünenthal. “By leveraging the strength of our commercial and operational expertise, we see clear opportunities to maximise the value of the medicine.”
Loss of exclusivity for Stivarga is anticipated in 2029 in the EU and in 2030 in the US.
New bond
Last week, Grünenthal priced €850m senior secured notes due 2032 – €400m 5.375% fixed rate notes and €450m floating rate notes at Euribor + 275bp.
Proceeds will be used to redeem the majority of its outstanding notes due 2028 and its outstanding 2030 notes in full, as well as to pursue key strategic initiatives. Its outstanding notes due 2031 remain unchanged.
The notes were rated BB+, BB- and Ba3 by Fitch, Standard & Poor’s and Moody’s respectively.
Lead managers: BNP Paribas, Deutsche and ING
