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Japanese firm buys US drug maker
Source: Agencies |
September 4, 2009, Friday
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JAPANESE drug company Dainippon Sumitomo Pharma Co is acquiring United States drug maker Sepracor Inc for about US$2.6 billion in an effort to expand in the US market.
The deal is through a tender offer at a price of US$23 per share, a 27.6 percent premium over Sepracor's closing price on Tuesday, to start early this month, Dainippon said.
Under the deal, Dainippon intends to acquire all outstanding common shares of Sepracor, based in Marlborough, Massachusetts, to make it a wholly owned subsidiary.
"Sepracor has pursued growth through development of its unique pipeline and introduction of innovative pharmaceutical products to the market, a strategy that fits perfectly with our management philosophy," Dainippon President Masayo Tada said.
Tada said his company hoped to become international competitive in research and expand its international operations.
Adrian Adams, Sepracor's president, also welcomed the deal. "DSP is a leading Japanese pharmaceutical company with a distinguished history and an established, strong track record of operational and financial performance based on a number of successful product launches," he said.
It hopes to start selling its anti-psychotic drug Lurasidone in the US by 2010, Dainippon said.
Dainippon, which has largely depended on the domestic market up to now, sees the acquisition as key to growth.
The deal is through a tender offer at a price of US$23 per share, a 27.6 percent premium over Sepracor's closing price on Tuesday, to start early this month, Dainippon said.
Under the deal, Dainippon intends to acquire all outstanding common shares of Sepracor, based in Marlborough, Massachusetts, to make it a wholly owned subsidiary.
"Sepracor has pursued growth through development of its unique pipeline and introduction of innovative pharmaceutical products to the market, a strategy that fits perfectly with our management philosophy," Dainippon President Masayo Tada said.
Tada said his company hoped to become international competitive in research and expand its international operations.
Adrian Adams, Sepracor's president, also welcomed the deal. "DSP is a leading Japanese pharmaceutical company with a distinguished history and an established, strong track record of operational and financial performance based on a number of successful product launches," he said.
It hopes to start selling its anti-psychotic drug Lurasidone in the US by 2010, Dainippon said.
Dainippon, which has largely depended on the domestic market up to now, sees the acquisition as key to growth.
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