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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Spark Therapeutics Inc    ONCE

SPARK THERAPEUTICS INC

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Spark Therapeutics : Roche, Spark push back takeover deadline in $4.3 billion deal

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07/08/2019 | 11:46am EDT
FILE PHOTO: Logo of Swiss drugmaker Roche is seen at its headquarters in Basel

ZURICH (Reuters) - Roche and Spark Therapeutics agreed to extend the deadline for the Swiss drugmaker's $4.3 billion takeover bid for the U.S. gene therapy specialist, Roche said, adding it remains "fully committed" to a deal it sees closing this year.

The new deadline for both companies to extend the merger agreement is now April 30, 2020, rather than Jan. 31, 2020, Roche said in a U.S. regulatory filing on Monday, saying the change provides "additional time to clear the transaction".

Roche's March 5 bid to add Spark's gene therapy technology is dragging on, with completion pushed back several times as the Swiss company blames time-consuming U.S. Federal Trade Commission scrutiny of any competition issues. Moreover, three U.S. lawsuits challenging the deal are pending, alleging disclosure violations associated with the offer.

"Although closing this deal is taking longer than I had hoped, my excitement about our anticipated partnership has only increased," Roche Chief Executive Severin Schwan wrote in a note to Spark employees that was published by the U.S. Securities and Exchange Commission.

"While we still expect this transaction to close in 2019, we want to ensure that we proactively identify and remove any potential future obstacles to achieving this outcome."

Roche is buying Spark to get its one approved medicine, the $850,000 per patient hereditary blindness therapy Luxturna; another investigational gene therapy for haemophilia A, as well as the Philadelphia-based company's development platform that Roche hopes to leverage into additional disease areas.

(Reporting by John Miller; Editing by Michael Shields)

Stocks mentioned in the article
ChangeLast1st jan.
ROCHE HOLDING LTD. -0.69% 271.9 Delayed Quote.12.16%
SPARK THERAPEUTICS INC End-of-day quote.
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Financials (USD)
Sales 2019 76,9 M
EBIT 2019 -242 M
Net income 2019 -233 M
Finance 2019 403 M
Yield 2019 -
P/E ratio 2019 -16,7x
P/E ratio 2020 -23,1x
EV / Sales2019 45,4x
EV / Sales2020 20,5x
Capitalization 3 897 M
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Income Statement Evolution
Consensus
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Buy
Mean consensus HOLD
Number of Analysts 17
Average target price 114,57  $
Last Close Price 101,25  $
Spread / Highest target 13,6%
Spread / Average Target 13,2%
Spread / Lowest Target 13,1%
EPS Revisions
Managers
NameTitle
Jeffrey D. Marrazzo Chief Executive Officer & Director
Katherine A. High President, Director & Head-Research & Development
Steven M. Altschuler Chairman
Stephen W. Webster CFO & Principal Accounting Officer
Federico Mingozzi Chief Scientific Officer
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