Italian drugmaker Menarini Group has announced its purchase of the U.S. based pharmaceutical company Stemline Therapeutics in a deal valued at $677M.
“Stemline is an excellent fit for Menarini, enabling us to expand our presence in the U.S. with an established biopharmaceutical company focused on developing oncology therapeutics. Through this acquisition, we will continue to strengthen our portfolio and pipeline of oncology assets and deliver novel therapies around the world.”
Elcin Barker Ergun, CEO of Menarini Group
The $12.50 per share Menarini has agreed to pay represents a 150% premium to the closing share price of Stemline on Friday.