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Amryt soars as US bankruptcy court clears way for Aegerion acquisition

Orphan drug firm Amryt said it would acquire Aegerion once the approved plan of reorganisation came into effect on or around 24 September

Amryt Pharma PLC - Amryt soars as US bankruptcy court clears way for Aegerion acquisition

Amryt Pharma PLC (LON:AMYT) shares bounced on Wednesday after a ruling from the US bankruptcy court cleared the way for its acquisition of Aegerion Pharmaceuticals Inc.

Orphan drug firm Amryt said once the approved plan of reorganisation came into effect, around 24 September, it would acquire Aegerion in exchange for its own stock, which would be distributed to certain creditors of the US firm.

WATCH: Amryt Pharma co-founder welcomes 'transformational' Aegerion acquisition

Dr Joe Wiley, Amryt’s chief executive, said the approval was a “significant milestone” in the firm’s efforts to acquire Aegerion, which he said would strengthen the firm’s growth in “highly attractive markets”.

“This transformational deal provides Amryt with the financial flexibility to fully execute our medium-term growth plans, and is expected to deliver significant shareholder returns", the CEO added.

In an update on the acquisition back in August, Amryt said the deal would include an interim US$8mln share placing and a larger US$60mln fundraiser that will give the AIM-listed firm a pre-money valuation of US$96mln.

The merger creates a group with revenues of $136.5mln in 2018 and re-unites the Lojuxta cholesterol treatment under one roof.

In late-afternoon trading, Amryt’s shares were 10.5% higher at 116p.

Quick facts: Amryt Pharma PLC

Price: 122.5 GBX

Market: AIM
Market Cap: £189.26 m

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