Garrigues acts for Grupo Ferrer on Alexza acquisition

Garrigues advised Spain’s Grupo Ferrer Internacional on the acquisition of US-based Alexza Pharmaceuticals for $0.90 per share in cash.


Grupo Ferrer was also advised on the transaction by Skadden, Arps, Slate, Meagher & Flom, while Alexza was advised by Cooley.

The deal was valued at €70m, according to Mergermarket.

An Alexza statement said: “The $0.90 per share cash consideration represents a 210 per cent premium to Alexza’s closing share price on February 26, 2016, the last trading day prior to announcement that Alexza and Ferrer had entered into a non-binding letter of intent with respect to Ferrer’s proposed acquisition of Alexza.”

It added: “Upon successful completion of the tender offer, Ferrer Pharma [a subsidiary of Grupo Ferrer] will acquire all remaining shares not tendered in the tender offer through a second-step merger at the same price and with the obligation to make the same contingent cash consideration payments as are made to stockholders tendering their shares in the tender offer.”  


Ben Cook