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Drug firm will buy American Medical
Source: Agencies |
April 12, 2011, Tuesday
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ENDO Pharmaceuticals Holdings Inc said yesterday it is buying urology and pelvic health company American Medical Systems Inc for about US$2.6 billion.
Endo is offering US$30 a share - a premium of 34 percent to the most recent closing price of American Medical Systems shares. Endo will also assume US$312 million in American Medical's debt.
American Medical Systems makes devices and therapies for pelvic health, urology, and gynecology. The Minnetonka, Minnesota, company reported US$542.3 million in sales in 2010. Almost half its revenue comes from sales of men's health products and drugs for urinary incontinence and impotence. It also sells urinary incontinence and vaginal prolapse products for women's health, and markets laser therapies for enlarged prostate.
Endo, of Chadds Ford, Pennsylvania, said the deal is part of its transition from a drug maker to a health care company. It's the latest in a string of acquisitions for Endo, which paid US$1.2 billion for Qualitest Pharmaceuticals, a maker of pain treatments and generic drugs, in December. In November, Endo acquired Penwest Pharmaceuticals for US$144 million.
Endo had US$1.72 billion in revenue in 2010. The company makes the Lidoderm pain patch, Fortesta testosterone gel, and the pain drugs Opana and Opana ER, among other products.
The boards of both companies approved the sale, and Endo said the deal should close late in the third quarter. After the deal, Endo will have about 4,000 employees.
Endo said the deal will reduce its profit by 61 US cents per share in 2011.
Endo is offering US$30 a share - a premium of 34 percent to the most recent closing price of American Medical Systems shares. Endo will also assume US$312 million in American Medical's debt.
American Medical Systems makes devices and therapies for pelvic health, urology, and gynecology. The Minnetonka, Minnesota, company reported US$542.3 million in sales in 2010. Almost half its revenue comes from sales of men's health products and drugs for urinary incontinence and impotence. It also sells urinary incontinence and vaginal prolapse products for women's health, and markets laser therapies for enlarged prostate.
Endo, of Chadds Ford, Pennsylvania, said the deal is part of its transition from a drug maker to a health care company. It's the latest in a string of acquisitions for Endo, which paid US$1.2 billion for Qualitest Pharmaceuticals, a maker of pain treatments and generic drugs, in December. In November, Endo acquired Penwest Pharmaceuticals for US$144 million.
Endo had US$1.72 billion in revenue in 2010. The company makes the Lidoderm pain patch, Fortesta testosterone gel, and the pain drugs Opana and Opana ER, among other products.
The boards of both companies approved the sale, and Endo said the deal should close late in the third quarter. After the deal, Endo will have about 4,000 employees.
Endo said the deal will reduce its profit by 61 US cents per share in 2011.
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