Shares in UK pharmaceutical company BTG soared more than 34 per cent this morning after US-based Boston Scientific proposed a £3.3bn takeover of the company.
The London-listed company, which focuses on cancer, vascular conditions and emphysema treatments, saw shares jump from 620.5p to 826.01p following the announcement.
BTG said the offer was “fair and reasonable” and confirmed it would recommend the deal to shareholders.
Commenting on the proposed acquisition Boston Scientific chief executive officer Michael Mahoney said: “The acquisition of BTG and its rapidly growing peripheral interventional portfolio is an exciting extension of our category leadership strategy that will augment our capabilities in important areas of unmet need such as cancer and pulmonary embolism.
“We are confident that the addition of these therapies to our portfolio will ultimately advance patient care in ways that could not be realised by either company alone, while also allowing us to realise substantial synergies and provide a strong return for investors.”
BTG chairman Gary Watts commented: “Under the leadership of Louise Makin and the broader management team, BTG has developed into a global healthcare company with a leading Interventional Medicine platform
“We believe Boston Scientific’s offer represents an attractive proposition for BTG shareholders with a significant premium in cash and recognises the value created by the support of our long term large shareholders.
“We are proud of what BTG has become and of all BTG employees for their contributions.”
BTG was advised by Goldman Sachs, JP Morgan Cazenove and Rothschild & Co, while Barclays acted as financial adviser to Boston Scientific.