BTG in a £218 million tie-up with Protherics

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BTG, which specialises in treatments for brain disorders, is offering 0.291 new shares for every one Protherics share, a premium of 45% to the closing price yesterday.

Protherics is known for its rattlesnake bite and drug overdose pills and has been a focus of takeover speculation. There has been a run of takeovers in the biotechnology sector lately, as large drugmakers seek to acquire new products and smaller players link to stretch cash reserves.
Louise Makin, BTG's chief executive, said the deal will create a UK biotech champion that is poised to join the FTSE 250. Cost savings of
£20 million a year are expected, with an uplift in profits from 2010 predicted.

Protherics said a month ago that it had received several bid approaches, with AstraZeneca in the frame.

KBC analyst Paul Cuddon said: "I think people would have preferred a cash offer from Big Pharma rather than paper in a company whose shares have gone up 115% in the past year."

BTG shares were down 36p at 165p. Protherics' were up 5¼p at 46½p.