- Amryt announces that it had reached agreement to acquire Aegerion as part of move to create a rare and orphan disease company with a diversified offering of multiple commercial and development stage assets.

The all-paper transaction implied an equity valuation of $120m for Amryt and $190.7m for Aegerion.

Amryt said it planned to raise $60m in equity at a 20% discount to the implied transaction equity value following the closing of the transaction, with certain Aegerion bondholders agreeing to backstop the equity raise.

The proceeds of the equity raise would be used to 'continue to develop the combined group's pipeline, to develop potential new indications for Amryt's late stage product candidates, and to be used for general corporate purposes,' the company said.

The acquisition would expand the company's commercial footprint to market two US and EU approved products; lomitapide and metreleptin, and accelerated its ambition to become a global leader in treating rare conditions.

'By delivering two substantial revenue-generating products and an enhanced pipeline of promising development opportunities, this will significantly strengthen our growth in highly attractive markets globally,' said Dr. Joe Wiley, Chief Executive Officer of Amryt.

'Amryt has a unique insight into both Aegerion and its products, through our commercial success with Lojuxta and given that many of our senior management team previously worked at Aegerion.'

The combined group had 2018 pro-forma combined revenues of $136.5m and was expected to deliver meaningful operational synergies of between $25m and $40m in 2020, rising further in 2021, the company said.

At 10:23am: [LON:AMYT] Amryt Pharma share price was 0p at 12.38p

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