AGI sells for less than €7m five years after being valued at €85m

IRISH pharmaceutical company AGI Therapeutics has been sold for less than €7 million, less than five years after being valued at €85m.

The board of the Dublin-headquartered company said, yesterday, that it has unanimously recommended, to shareholders, an $8.4m (€6.6m) offer from privately-owned R&D-focused pharmaceutical group Aravis Therapeutics.

“We believe the offer represents an attractive premium, relative to our recent share price trading history, and when the offer is considered — alongside other alternatives — represents the best outcome for shareholders,” AGI’s non-executive chairman, Ronan Lambe, said.