Japan’s Santen Pharmaceuticals will acquire French biopharmaceutical company Novagali Pharma for €102 million, the company has announced today.

Santen will purchase acquire 50.55% of the share capital of Novagali for a cash consideration of €6.15 per share.

The firm intends to buy purchase all remaining shares of Novagali at the same price per share and will consequently file a mandatory tender offer with the French Autorité des marchés financiers.

If Santen acquires at least 95% of Novagali, the drug manufacturer will increase the amount paid to €6.25 a share.

Santen president and CEO Akira Kurokawa said, "Santen believes that by acquiring Novagali, it will be able to strengthen its global business platform, which is one of the key strategic focuses of its long-term vision for 2020 as well as its medium term management plan for 2011-2013."