Amryt calls shareholder meeting to approve €285m Chiasma deal

Amryt, the rare diseases company with Irish headquarters, expects to wrap up a near $340 million (€285 million) deal to buy US biopharma company Chiasma in the third quarter of the year.

The Nasdaq and Aim-listed company on Monday wrote to its shareholders to announce a general meeting at its Dublin offices on July 28th to approve the deal, which has already been approved by both companies’ boards.

Amryt shareholders will be able to vote on the deal by proxy ahead of the meeting, but will not be allowed attend in person, due to Covid restrictions.

Under the terms of the all-share deal, each Chiasma share will be worth 0.396 Amryt American Depositary Shares, which is the equivalent of five ordinary Amryt shares. This implies a value on the deal of €339.2 million.

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Post deal, Amryt shareholders will own 60 per cent of the merged company, while Chiasma’s will own the balance.

Amryt sells Lomitapide, sold as Lojuxta in the European Union, and Metreleptin, sold as Myalepta, which is used to treat cholesterol and similar conditions. It is also developing Oleogel-S10 to treat epidermolysis bullosa, or butterfly skin, a rare disorder that affects children.