Noven, Hisamitsu deal
Hisamitsu will acquire Noven in a tender offer of $16.50 per share in cash. The price is a 22% premium to Noven's close of $13.48 on July 13, the day before the deal was announced, and values Noven at $428 million. Hisamitsu, which already owns 4.9% of Noven, said the deal will increase its U.S. presence and provide it with additional transdermal therapies. Hisamitsu markets transdermal patches for pain, including its prescription Mohrus and OTC Salonpas series of patches.
Noven's Daytrana methylphenidate transdermal system is marketed in the U.S. to treat ADHD by Shire plc (LSE:SHP; NASDAQ:SHPGY, Basingstoke, U.K.). The biotech's transdermal products to treat osteoporosis and symptoms of menopause are marketed in the U.S. by Novogyne Pharmaceuticals, a JV with Novartis AG (NYSE:NVS; SIX:NOVN, Basel, Switzerland); in Japan by sanofi-aventis Group (Euronext:SAN; NYSE:SNY, Paris, France); and by Novartis elsewhere. Noven's pipeline includes Mesafem low-dose paroxetine mesylate in Phase II testing to treat vasomotor symptoms associated with menopause. ...