The ASX biotech giant is moving along with its Vifor takeover…
The post What’s going on with the CSL share price on Tuesday? appeared first on The Motley Fool Australia. –
TheÂ CSL LtdÂ (ASX: CSL) share price is edging lower in early trading amid the companyâs latest update on its Vifor acquisition.
At the time of writing, shares in the global biotech are down slightly by 0.27% to $294.10.
Meantime, theÂ S&P/ASX 200 IndexÂ (ASX: XJO) is also hovering 0.36% lower to 6,967.6 points.
What did CSL announce to the ASX?
In itsÂ announcement, CSL advised it has received all regulatory clearances to finalise the acquisition of Vifor Pharma, effective today.
This comes after theÂ lengthy delay earlier this year regarding the foreign direct investment and regulatory filings.
Nonetheless, with all conditions now met, the takeover of the global specialty pharmaceuticals company will take place by 9 August.
CSL expects to hold more than 97% of Vifor shares upon completion and will seek to cancel the remaining 3%. This will be in accordance with Swiss takeover rules, with CSL also applying for the delisting of these shares on the Swiss Exchange (SIX).
CSL CEO and managing director Paul Perreault commented:
We are excited to complete the acquisition of Vifor Pharma — enhancing CSLâs well-established patient focus and ability to protect the health of those facing a range of rare and serious medical conditions.
Perreault went on to add:
Joining CSL, the Vifor business adds near-term value along with a clear path to long-term sustainable growth. It also adds an outstanding management team, along with a high-value and complementary portfolio of products and market leading position in the nephrology and iron deficiency spaces.
Investors may want to keep an eye out on 17 October as CSL will hold a dedicated Vifor market briefing. Management will discuss Viforâs growth strategy and insights into its product portfolio and financials.
CSL appoints general manager for Vifor
In other news, CSL has appointed HervÃ© Gisserot as general manager for the Vifor business once the acquisition is finalised.
Reporting directly to Perreault, the appointment of Gisserot should be a smooth transition given his credentials and current position.
Since January 2022, Gisserot has been the chief commercial officer for Vifor Pharma.
Previously, he spent 13 years at GlaxoSmithKline fulfilling multiple senior vice president (SVP) titles. This includes the most recent, SVP & Head of Pharmaceuticals & Vaccines for Greater China & Intercontinental.
CSL share price snapshot
Despite the recent market volatility, the CSL share price has outperformed the market to surge almost 10% in a month.
For context, the benchmark ASX 200 index has lifted around 7% over the same time frame.
CSL is the third largest company on the ASX with aÂ market capitalisationÂ of roughly $142 billion.
The post What’s going on with the CSL share price on Tuesday? appeared first on The Motley Fool Australia.
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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended CSL Ltd. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.