By Joshua Kirby

Shares in Vifor Pharma AG rose sharply in opening trade Tuesday after receiving an offer from Australia's CSL Ltd. that values the company at $11.7 billion.

At 0812 GMT, shares in the Swiss pharmaceutical company traded 14% higher at CHF160, having surged similarly the day before.

Following confirmation of takeover talks Monday, pharmaceutical firm CSL on Tuesday said it had made an all-cash public tender offer of $179.25, equivalent to 167 Swiss francs, for each share in Vifor Pharma. The company's board of directors recommends the offer, which it says is in the interests of all stakeholders, according to a statement published on its website.

"The transaction will enable Vifor Pharma to leverage CSL's global reach, balance sheet and capabilities to bring more products to patients within its key categories. The transaction also enables Vifor Pharma to accelerate growth in cardiovascular-metabolic, renal and transplant," the company said.

Patinex AG, Vifor Pharma's largest shareholder with a 23.2% stake, has agreed to tender its shares, according to the company. The bid is subject to an 80% acceptance rate, and, if successful, the transaction should be completed by the middle of next year, the company added.

Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby

(END) Dow Jones Newswires

December 14, 2021 03:39 ET (08:39 GMT)

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