The board of directors of Synavant (Nasdaq: SNVT), which provides customer relationship management (CRM) and interactive marketing (IM) services for the biopharmaceutical industry, has approved unanimously an increase in the acquisition price offered by Dendrite International (Nasdaq:DRTE) from $2.83 per share to $3.22 per share in cash.
As part of the $48 million takeover offer, Morristown, N.J.-based Dendrite, which develops and delivers solutions that increase value in sales, marketing, and clinical processes for pharmaceutical and other life science clients, has agreed to advance up to $15 million to Synavant under a credit agreement to provide short-term liquidity.
Synavant has been pursued for weeks by both Dendrite and French pharmaceutical services firm Cegedim. The French firm upped its takeover offer last week, from $2.30 to $3.15 a share, which prompted Dendrite to increase its offer as well.
The revised Dendrite tender offer is subject to shareholders representing a majority of Synavant’s outstanding common stock ownership tendering their shares, as well as other customary conditions. The company expects the transaction to close in June.