BASF Raises Cash Offer for Omega-3 Firm Pronova BioPharma

BASF (Ludwigshafen, Germany) upped its proposal bid to acquire Pronova BioPharma (Lysaker, Norway), owner of the patent for omega-3 cardiovascular health drug Lovaza. BASF is now proposing a cash offer of €684 million (approximately USD 912 million), up from its original bid of €644 million.

Earlier this month, BASF extended its deadline for the acquisition offer to January 18. It says this deadline for a decision from remaining shareholders will not be extended. The company says it has so far received acceptances from those owning 70% of Pronova’s shares; it needs acceptance from more than 90%.

“We thank all those shareholders of Pronova who have accepted the offer to date. Following a comprehensive due diligence review, and taking into account the opportunities and foreseeable risks in Pronova’s business, this increased offer is our last, best, and final offer,” stated Michael Heinz, a member of BASF’s board of executive directors, in a press release.