Fairness Opinion related to the public exchange offer made by Cosmo Pharmaceuticals NV for all publicly held registered shares of Cassiopea S.p.A.
On 4 October 2021, Cosmo Pharmaceuticals (Cosmo) announced to be willing to acquire all publicly held registered shares of Cassiopea S.p.A. (Cassiopea) based on an exchange offer. For each Cassiopea share Cosmo offers a fraction of 0.467 of own shares which corresponds to an implicit offer price of CHF 37.13 per Cassiopea share.
Support by IFBC
IFBC was mandated by the board of directors of Cassiopea to prepare a Fairness Opinion assessing the financial fairness of the exchange offer made by Cosmo. As a qualified evaluator pursuant to Article 30(6) Takeover Ordinance, IFBC is suitably qualified to prepare Fairness Opinions in Switzerland.
Cassiopea S.p.A. is an Italian specialty pharmaceutical company focusing on the development and commercialization of innovative prescription drugs for the treatment of highly prevalent skin diseases. Against the background of an already established strategic cooperation, Cosmo intends to become an integrated pharmaceutical company by acquiring all remaining shares of Cassiopea and a subsequent delisting of the company from SIX Swiss Exchange.
At the time of the offer, the market capitalization of Cassiopea amounted to CHF 378.4 million.
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