Mitsubishi Tanabe Pharma Corp. is buying Medicago Inc. (TSX: MDG) in a deal valued at $357 million.

The purchase price works out to $1.16 per share in cash. Medicago’s shares closed at $0.95 on the Toronto Stock Exchange on July 11, before the deal was announced. The deal also includes debt assumption.

Subscribe Now

Complete access to real-time information and analysis of news and trends in the industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.