Japanese group in £292m deal for ProStrakan

Japan's Kyowa Hakko Kirin Co has unveiled plans to raise it global profile by agreeing to buy the Scottish pharmaceuticals firm ProStrakan in a £292m deal.

The takeover will see Kyowa pay 130p in cash for each ProStrakan share, giving the Japanese group access to an established European and US marketing sales platform.

The deal will also give Kyowa the keys to an portfolio of specialist prescription products.

At 130p, the price marks a premium of more than 40 per cent to the closing share price on 12 November, the day before ProStrakan, which is led by chairman and acting chief executive Peter Allen, entered a formal offer period. News of the takeover pushed the group's share price to 131.5p – up 22.6p ,or nearly 21 per cent, last night.