Why Amryt Pharma (AMYT) Shares Are Trading Higher Premarket Today?

Italian family-controlled global pharmaceutical company Chiesi Farmaceutici S.p.A. has agreed to acquire Amryt Pharma Plc AMYT for an implied value of $1.25 billion in upfront consideration.
The amount represents a 107% premium based on Amryt ADS' closing price of $7.00 on January 6, 2023, plus CVRs representing an additional approximately $225 million of potential consideration.
Chiesi will purchase per American Depositary Share of Amryt, equivalent to 5 Amryt ordinary shares, of $14.50 (or $2.90 per ordinary share) in cash, plus Contingent Value Rights of up to $2.50 per ADS payable if certain milestones related to Amryt's product Filsuvez are achieved.
The transaction is expected to close during the first half of 2023.
"This addition of the Amryt portfolio, as well as their expertise, will help us on our journey to bring medicines to patients, no matter how rare their condition may be," Chiesi Group Chief Executive Marco Vecchia said in a statement.
Amryt's commercial business comprises four orphan disease products – metreleptin (Myalept/ Myalepta), octreotide (Mycapssa), lomitapide (Juxtapid/ Lojuxta), and Oleogel-S10 (Filsuvez).
Most recently, Amryt announced results from its APH-19 Phase 3 trial of lomitapide for homozygous Familial Hypercholesterolemia (HoFH) in children aged 5-17 years.
The treatment exhibited a 54% reduction in LDL-C at Week 24 compared to baseline, with a mean reduction of 50% in total cholesterol.
Price Action: AMYT shares are up 107.90% at $14.55 during the premarket session on the last check Monday.

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Italian Privately Held Chiesi Farmaceutici To Acquire Amryt Pharma For $1.25B