Menarini goes shopping in the USA. The Tuscan group, active in the pharmaceutical and diagnostics sector, has bought Stemline Therapeutics, a biopharmaceutical company focused on the development and commercialization of innovative oncological therapies. The cost of the operation is equal to 677 million dollars.
The agreement provides that a company controlled 100% by the Menarini Group will launch a public offering for all outstanding shares of Stemline. Shareholders will receive potential consideration of $12,50 per share, an amount including $11,50 payable upon closing of the acquisition and an unlisted Contingent Value Right which will entitle each holder to receive an additional $1 per share.” upon the occurrence of the first sale of Elzonris in one of the EU5 countries subject to approval by the European Commission”, reads the note from the Florentine company.
Elzonris is a treatment for malignancy plasmacytoid dendritic cell therapy launched by Stemline in 2018 and intended for adult patients and in pediatric patients. It is a targeted therapy that acts selectively on interleukin-123 (IL-3) receptor alpha (CD 3). "Thanks to the support of Menarini's organization, Stemline will be able to continue its research work to develop further applications of Elzonris for the treatment of patients suffering from cancer and other difficult-to-treat diseases". With this acquisition, Stemline's drugs will also be available to patients in Europe and emerging countries, while the US company is preparing to launch Elzonris on the international market subject to approval by regulatory authorities outside the United States.
“Stemline fits perfectly into Menarini's strategy, allowing us to expand our presence in the United States with an established biopharmaceutical company focused on the development of oncological therapies,” commented Elcin Barker Ergun, CEO of the Menarini Group.
Ivan Bergstein, MD, President, Chief Executive Officer and Founder of Stemline, said, "Joining Menarini presents a unique opportunity for Stemline to advance the commercialization of Elzonris worldwide and accelerate the development of our oncology product pipeline."
In the Nasdaq pre-market, Stemline stock gains 152,63% reaching 12 dollars per share and approaching the takeover bid price.
