PharmaVentures Advises SalvaRx Group plc on the Acquisition of SalvaRx Ltd by Portage Biotech Inc
20 Aug, 2018, 08:45 BST
OXFORD, England, August 20, 2018 /PRNewswire/ --
PharmaVentures Ltd. ("PharmaVentures") is pleased to announce that it acted as an independent adviser to SalvaRx Group plc (SALV: LSE) ("SalvaRx") and Portage Biotech, Inc ("Portage"), on the acquisition of its subsidiary SalvaRx Ltd by Portage. Subject to regulatory and shareholder consent, Portage will acquire 100% of SalvaRx Limited for an aggregate consideration of US$71.7 Million.
As SalvaRx is a related party of Portage, the transaction is subject to the requirements of Alberta Securities Commission's Multilateral Instrument 61-101 Protection of Minority Shareholders in Special Transactions ("MI 61-101"). As a consequence, the Transaction requires minority shareholder approval.
Although the transaction is exempt from the formal valuation requirements of MI 61-101 pursuant to Section 5.5(a) PharmaVentures was commissioned by SalvaRx and Portage to perform an independent valuation (the "Valuation") of SalvaRx Limited. The Valuation, dated July 23, 2018, provided the parties with, amongst other things, a discussion of various methodologies to value SalvaRx Limited as well as a range of possible values.
For more information see the Portage Biotech press release: https://www.prnewswire.com/news-releases/portage-to-acquire-salvarx-limited-300696910.html.
Adrian Dawkes, Managing Director, PharmaVentures, commented; "We have worked previously with SalvaRx and were pleased to provide our extensive valuation capabilities and market knowledge to assist in this transaction."
Fintan Walton, Founder and Chief Executive of PharmaVentures said, "PharmaVentures is trusted by long established pharmaceutical companies, governments as well as innovative biotechs like SalvaRx to provide high quality, robust and comprehensively researched valuations to support their key strategic transactions. We are pleased to have assisted SalvaRx in their endeavors."
About Pharmaventures:
With over 26 years of successful dealmaking and advisory work, PharmaVentures assists companies to achieve the best deals. We have a proven track record of advising businesses across the healthcare sector from top-tier pharmaceutical and biotech companies, diagnostics, medtech and life science research organisations.
Our extensive network of key contacts, industry experience and market knowledge enables us to provide the best advice to our clients in over 38 countries. To date we have successfully completed over 700 mandates covering:
We currently have several clients seeking to in-license or acquire assets as well as multiple out-licensing and asset divestment opportunities.
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SOURCE PharmaVentures Limited