Mar 30, 2023
Swedish Rare Disease Specialist Egetis Explores Sale
(Bloomberg) -- Egetis Therapeutics AB, a Swedish developer of rare disease treatments, said it’s been holding talks about a potential sale.
The Stockholm-based company “has ongoing discussions with certain external parties regarding a potential acquisition of the company,” Egetis said in a statement Thursday, confirming an earlier Bloomberg News report. It said there was no certainty any takeover offer will be made.
Egetis has been working with an adviser to gauge interest from potential buyers including large drugmakers, people with knowledge of the matter said earlier.
Shares of Egetis were up 38% at the close Thursday in Stockholm, marking the biggest daily gain since April 2020 and giving the company a market value of 1.75 billion kronor ($169 million). It earlier jumped as much as 45%.
The company is developing a drug for Allan-Herndon-Dudley syndrome, a debilitating genetic disorder that disrupts children’s brain development and can leave patients wheelchair-bound. It’s also been working on a treatment for paracetamol poisoning.
Health care dealmaking has been picking up as big pharmaceutical companies seek to replenish their pipelines. In January, AstraZeneca Plc agreed to buy US biotech firm CinCor Pharma Inc. for as much as $1.8 billion to gain a promising new treatment for hypertension and kidney disease. Sanofi said earlier this month it will acquire Provention Bio Inc. in a $2.9 billion deal to bolster its portfolio of diabetes medicines.
(Updates with company statement in fourth paragraph.)
©2023 Bloomberg L.P.