U.S. drug contract manufacturer Catalent said it will buy Juniper Pharmaceuticals for $11.50 per share in cash. The offer price represents a premium of about 32 per cent to Juniper Pharmaceuticals’ closing price of $8.70 and values the company at about $127.7 million.

Catalent has a market value of about $5.58 billion.

Juniper Pharmaceuticals shares are up more than 22 per cent since January, when the company said it was exploring strategic alternatives. The deal includes Juniper Pharmaceuticals’ U.K. business, Juniper Pharma Services, and is expected to close in the first quarter of 2019, Catalent said in a statement.

Catalent said it would continue to support Juniper’s Crinone franchise, a progesterone gel which is its single largest revenue source and marketed by Merck outside of the United States. Juniper Pharmaceuticals separately said its board had unanimously approved the deal which represents a total equity value of about $139.6 million on a fully-diluted basis.

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