Probiotech shares surge on $251m offer from Indonesia's Pyridam

The news: Shares in pharmaceutical manufacture Probiotech have shot-up after its board unanimously backed a takeover offer worth $251 million from Indonesia-listed Pyridam Farma.

The numbers: Probiotech shares jumped 15% to $2.90 in early trading, just shy of Pyridam's offer of $3 per share. The scheme consideration implies an equity value of $251 million and an enterprise value of roughly $326 million, and Probiotech has noted its rights to pay out dividends before or on the deal's execution.

The context: Probiotech's board is unanimously backing the scheme in the absence of a better offer and intends to vote as such. Pyridam has been on a growth trajectory in recent years, lifting its net income by more than 630% over the past half decade, according to WSJ data.