Upsher-Smith acquires Proximagen* (PRXN.L) for $350M in cash plus ~$200M in contingencies: http://www.reuters.com/article/2012/06/13/us-proximagen-offer-idUSBRE85C09H20120613 Proximagen has drugs in early-stage development for central nervous system disorders, cancer and inflammation. It also has a treatment for obesity known as PRX00933, which got a boost in May when U.S. advisers backed a similar pill from Arena Pharmaceuticals Inc. (ARNA). Unlisted Upsher-Smith, which has worked with Proximagen since 2008, said the British firm's products had significant potential. …Upsher-Smith, will pay 320 pence for each Proximagen share [a 16% premium to yesterdays close] and a further 192 pence per share in either cash or loan notes by way of contingent value rights (CVRs)… the CVRs are linked to the success of obesity drug PRX00933 and VAP-1, another medicine for rheumatoid arthritis… Upsher-Smith already holds 16 percent in Proximagen, which also has drugs in development for Parkinson's disease, epilepsy, cognition and neuropathic pain. *The 84% of Promixagen not already owned.