Merck KGaA, Darmstadt, Germany to acquire Intermolecular Inc.
Category: #health  By Pankaj Singh  Date: 2019-05-07
  • share
  • Twitter
  • Facebook
  • LinkedIn

Merck KGaA, Darmstadt, Germany to acquire Intermolecular Inc.

Reportedly, the Executive Board of Merck KGaA, Darmstadt, Germany and Intermolecular's Board of Directors have unanimously approved the acquisition.

Intermolecular Inc., an advanced materials innovation company, has reportedly inked a definitive agreement pursuant to which the subsidiary of Merck KGaA, Darmstadt, Germany, would buy Intermolecular for $1.20 per share in an all cash transaction. As per trusted sources, the deal shows the equity value of Intermolecular at around $62 million.

Reportedly, the Executive Board of Merck KGaA, Darmstadt, Germany and Intermolecular's Board of Directors have unanimously approved the acquisition.

Chris Kramer, Chief Executive Officer and President, Intermolecular, reportedly stated that the company is pleased to become Merck KGaA’s integral part and looking forward to all the new and exciting opportunities for employees and customers.

Kai Beckmann, CEO of Performance Materials and Member of the Executive Board, Merck KGaA, Darmstadt, Germany, reportedly stated that the unique capabilities of Intermolecular in rapid material screening, combined with the R&D pipeline of Merck KGaA, Darmstadt, Germany, will enable the company to offer faster material innovation, through full performance testing, characterization, and parallel composition experiment. The company is excited to collaborate with Intermolecular and create significant advantages for customers in comparison with conventional materials R&D, he further added.

The transaction is anticipated to close in second half of the year 2019, subject to the approval of shareholders of Intermolecular, satisfaction of other customary closing conditions and clearance by the Committee on Foreign Investment in the United States (CFIUS).

Reportedly, as a result of the transaction, a previously scheduled conference call on May 14, 2019 will not be held by Intermolecular.

For the record, Intermolecular will be acquired by EMD Group Holding II, Inc., a wholly owned subsidiary of Merck KGaA, Darmstadt, Germany.

For the record, Latham & Watkins LLP served as Intermolecular's legal advisor and Cowen served as exclusive financial advisor to Intermolecular. Nixon Peabody LLP served as legal advisor for Merck KGaA, Darmstadt, Germany.

Source link: https://www.benzinga.com/pressreleases/19/05/r13672037/intermolecular-to-be-acquired-by-merck-kgaa-darmstadt-germany-for-1-20-per-share-in-an-all-cash-tr

https://www.merckgroup.com/content/dam/web/corporate/non-images/press-releases/2019/may/en/Press-Release-IMI-EN.pdf



About Author

Pankaj Singh

Email: [email protected]   

Pankaj Singh

Pankaj Singh Develops content for Market Size Forecasters, Algosonline, and a couple of other platforms. A Post Graduate in Management by qualification, he worked as an underwriter in the UK insurance domain before deciding to switch his field of profession. With exp...

Read More

More News By Pankaj Singh

US buys all of the global supply of Gilead’s COVID-19 drug remdesivir
US buys all of the global supply of Gilead’s COVID-19 drug remdesivir
By Pankaj Singh

While top-notch companies are racing to develop a vaccine for COVID-19, it looks like the United States has secured almost all of the world’s supply of interim drug remdesivir to treat patients with COVID-19.

...

Potential COVID-19 vaccine by Bharat Biotech to enter clinical trials
Potential COVID-19 vaccine by Bharat Biotech to enter clinical trials
By Pankaj Singh

Bharat Biotech International, a leading Indian biotechnology company, has reportedly announced that its potential coronavirus vaccine, Covaxin, has received Drug Controller General of India (DCGI) approval to start hum...

Seattle Genetics reveals positive data from tisotumab vedotin trial
Seattle Genetics reveals positive data from tisotumab vedotin trial
By Pankaj Singh

Seattle Genetics, Inc., a renowned biotechnology firm that focuses on developing antibody-based cancer treatments, has recently revealed positive topline data from its Phase 2 clinical trial (innovaTV 204) assessing ti...