Ipsen plans to draw on credit facility, cash for Albireo acquisition

By William Gullotti

Buffalo, N.Y., Jan. 9 – Ipsen SA expects to use a portion of its credit facility in addition to cash on hand to help fund its acquisition of Albireo Pharma, Inc. as announced on Sunday, according to an 8-K filing with the Securities and Exchange Commission.

The initially estimated aggregate consideration of $952 million will be fully financed by Ipsen’s existing cash and lines of credit.

Ipsen entered the agreement and plan of merger via wholly owned subsidiary Ipsen Biopharmaceuticals, Inc.’s special purpose entity, Anemone Acquisition Corp. The transaction, expected to close by the end of the first quarter of 2023, will commence by Anemone initiating a tender offer to acquire all outstanding shares of Albireo at $42 per share, or a premium of 104% compared to Albireo’s one-month VWAP of $20.60.

Goldman Sachs is acting as exclusive financial adviser to Ipsen and Orrick Herrington & Sutcliffe LLP as legal counsel to Ipsen. Centerview Partners is serving as exclusive financial adviser to Albireo. Chestnut Partners also provided advice to Albireo. Paul, Weiss, Rifkind, Wharton & Garrison and Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C are serving as legal counsel to Albireo.

Albireo is a clinical-stage biopharmaceutical company based in Boston. Ipsen is a specialty pharmaceutical group based in Paris.

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