Ascendis to Buy Remedica, Scitec for as Much as $566 Million

May 24, 2016

Ascendis to Buy Remedica, Scitec for as Much as $566 Million. Ascendis Health Ltd. entered agreements to buy separate pharmaceutical and sports-nutrition companies for a total of as much as 505 million euros ($566 million), and will pay for the purchases through debt facilities and a potential share sale.

The company will pay 260 million euros to 335 million euros for Cyprus-based pharmaceutical company Remedica Holdings Ltd. and about 170 million euros forScitec International Sarl, Johannesburg-based Ascendis said in a statement Tuesday.

Shareholders representing about 63 percent of Ascendis shares have agreed to support the deals.

The transactions enable Ascendis to “significantly grow its European footprint,” which currently comprises Farmalider SA, a Spanish business it bought in August.

Source: Bloomberg