Instem PLC (AIM:INS) has agreed a £203 million takeover offer from healthcare-focused private equity group Archimed.
The deal would see shareholders of the AIM-listed company receive 833p per share of cash, which is a 41% premium to yesterday's closing price and 34% to the average price over the past six months.
Instem's directors consider the terms of the takeover to be fair and intend to recommend shareholders vote in favour of the offer at a meeting to be convened. The deal must be approved by a majority of at least 75% of shareholders to be successful.
Archimed has more than €8 billion of healthcare-focused assets under management, with past and current investments in 32 healthcare companies.