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Horizon Pharma to acquire Vidara Therapeutics for around $660 million
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Horizon Pharma to acquire Vidara Therapeutics for around $660 million (Ref: The Wall Street Journal, NASDAQ, Marketwired, Yahoo!Finance, StreetInsider, The Irish Times) March 19th, 2014 By: Joe Barber Tags: Top Story Actimmune Duexis Lodotra Rayos Vimovo Horizon Pharma Vidara Corporate Affairs Mergers & Acquisitions Horizon Pharma entered a definitive agreement to buy Vidara Therapeutics through a reverse stock-and-cash merger valued at approximately $660 million, the companies announced Wednesday. The transaction is aimed at helping Horizon transform to a profitable specialty pharmaceutical company, with CEO Timothy Walbert noting the merger gives it "a portfolio of four proprietary products and an international platform that builds on our strategy of organic growth and acquisitions." Under the terms of the agreement, the combined drugmaker will operate under the Horizon Pharma name and be organised under Irish laws. Current stockholders of Horizon would own approximately 74 percent of the merged entity, while Vidara shareholders would hold about 26 percent and receive $200 million in cash. Further, Horizon's current officers will become officers of the combined company, including Walbert as president and CEO, with Vidara executives given "important leadership and management roles." The deal will give Horizon rights to Vidara's biologic response modifier Actimmune (interferon gamma-1b). The therapy, which recorded sales of $58.9 million in 2013, is cleared in the US to treat chronic granulomatous disease and severe malignant osteopetrosis in children and adults. "The addition of Actimmune complements our commercial business model focused on targeted promotion to primary care physicians and specialists," Walbert said. In addition to Actimmune, the expanded revenue base would also include Horizon's current products, namely the anti-inflammatory drugs Duexis (famotidine/ibuprofen) and Vimovo (naproxen/esomeprazole), both of which are marketed in the US, as well as Rayos (prednisone) and its counterpart Lodotra, which are sold inside and outside the US, respectively. The proposed acquisition, which the boards of both companies unanimously approved, is expected to close mid-year pending approval by Horizon shareholders. The companies estimate that the merger will result in combined revenues of $250 million to $265 million for 2014, with earnings between $65 million and $75 million, excluding certain one-time transaction expenses. |
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