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Ipsen To Acquire Epizyme For $1.45/share In Cash - Quick Facts

French pharmaceutical company Ipsen SA (IPSEY) announced Monday its agreement to acquire Epizyme, Inc. (EPZM), a company focused on delivering novel epigenetic therapies.

Under the deal terms, Ipsen, through a subsidiary, will initiate a tender offer to acquire Epizyme at a price of $1.45 per share in cash at the closing of the transaction. The initial estimated aggregate consideration would be $247 million plus one contingent value right or CVR per share.

The $1.45 per share cash consideration represents a premium of approximately 144% compared to Epizyme's average closing price of $0.60 over the 30 trading days preceding announcement of the transaction. The transaction will be fully financed by Ipsen's existing cash and lines of credit.

The acquisition of Epizyme will immediately provide incremental sales and will leverage the U.S. commercial infrastructure. The acquisition is expected to be moderately dilutive on Ipsen's core operating income until the end of 2024.

The transaction was unanimously approved by both Ipsen and Epizyme Boards of Directors and is anticipated to close by the end of the third quarter of 2022, subject to the satisfaction of all closing conditions.

Epizyme is a fully integrated, commercial-stage biopharmaceutical company developing and delivering transformative therapies against novel epigenetic targets for cancer patients.

The primary focus of the acquisition is on the lead medicine, Tazverik(tazemetostat), a first-in-class, chemotherapy-free EZH2a inhibitor, which was granted Accelerated Approval by the U.S. Food and Drug Administration in 2020.

As part of the transaction, Ipsen will also acquire Epizyme's first-in-class, oral SETD2 inhibitor development candidate, EZM0414, which was granted FDA Fast Track status.

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