BioCentury
ARTICLE | Company News

Sepracor, Dainippon Sumitomo deal

September 7, 2009 7:00 AM UTC

Dainippon plans to acquire Sepracor in a tender offer of $23 per share, or about $2.6 billion in cash. The price is a 28% premium to Sepracor's close of $18.03 on Sept. 1, before rumors of the deal surfaced. Dainippon will gain Sepracor's U.S. sales force of 1,200 and six marketed products, including insomnia drug Lunesta eszopiclone. The biotech had 2008 revenues of $1.3 billion. Dainippon's lurasidone, a dopamine D2 receptor and serotonin (5-HT2A) receptor antagonist, is in Phase III testing for schizophrenia. ...