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BRIEF-Gurnet Point to acquire Innocoll Holdings for $209 mln
April 5, 2017 / 4:56 AM / 8 months ago

BRIEF-Gurnet Point to acquire Innocoll Holdings for $209 mln

April 5 (Reuters) - Innocoll Holdings Plc

* Gurnet Point L.P. enters into agreement to acquire Innocoll Holdings Plc

* Gurnet Point will acquire innocoll for $1.75 per share in cash, and up to $4.90 in cash from a contingent value

* Innocoll - Gurnet Point to buy co for $1.75/share in cash, & up to $4.90 in cash from CVR, for a total potential up to about $209 million in aggregate

* Says potential license for Xaracoll in United States was also investigated, but no suitable partner has been found

* Says noted its board had explored a sale of company, to achieve its goal of bringing Xaracoll to market

* Says “go-it-alone” option was dismissed due to potential for significant shareholder dilution and execution risk

* Innocoll - During offer period, Gurnet Point plans to provide term loan of $10 million to give co additional resources needed for continued development of Xaracoll within post-operative pain market

* Says under terms of acquisition, each CVR represents right to receive a specified amount of cash payments Source text for Eikon: Further company coverage: (Bengaluru Newsroom)

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