Bloomberg

(Bloomberg) -- Galenica AG, the owner of Switzerland’s biggest pharmacy network, agreed to buy Relypsa Inc. for about $1.53 billion to gain a medicine and a commercial network in the U.S.

The Swiss company will pay $32 per share in cash for Redwood City, California-based Relypsa, it said in a statement on Thursday. The boards of both companies backed the terms of the deal.

The transaction gives Galenica’s business unit Vifor Pharma a U.S. commercial network and global rights to Veltassa, which when it won regulatory approval last year became the first new medicine in 50 years for hyperkalemia, a condition in which there is too much potassium in the blood. After the transaction, Galenica plans to split into two separate listed companies.

Credit Suisse AG acted as the sole financial adviser to Galenica and will supply bridge loan financing for the transaction, the company said. Centerview and BofA Merrill Lynch acted as financial advisers to Relypsa.

To contact the reporter on this story: Marthe Fourcade in Paris at mfourcade@bloomberg.net. To contact the editor responsible for this story: Chitra Somayaji at csomayaji@bloomberg.net.

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