PTRS - Avenue Therapeutics Offers 72% Annual IRR - Plus 2 Other M&A Plays To Consider
Avenue Therapeutics (ATXI)/InvaGen All Cash Merger
Spread: 144% + CVR (72% annual IRR). Closing: H1 2021
Avenue Pharmaceutics has received a two-step takeover offer from InvaGen, a subsidiary of Indian pharmaceutical company Cipla (market cap of $6bn). The first step, in which InvaGen has acquired 33.3% stake at $6/share has recently been completed, whereas the second stage oversees that the buyer will purchase the remaining stock of Avenue for up to $13.92/share. Given that Cipla currently controls 60% of Avenue and strong shareholder support for the first stage, shareholder vote is not going