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Forest to acquire Aptalis

January 9, 2014 2:08 AM UTC

Forest Laboratories Inc. (NYSE:FRX) jumped $10.54 (18%) to $69.30 on Wednesday after announcing it will acquire gastrointestinal company Aptalis Holdings Inc. (Bridgewater, N.J.) for $2.9 billion in cash. The move translates to a $2.8 billion bump in Forest's market cap for a closing valuation of $18.7 billion. Aptalis markets nine products, including Carafate sucralfate suspension to treat active duodenal ulcers and Zenpep pancrelipase to treat exocrine pancreatic insufficiency. For the fiscal year ended Sept. 30, 2013, Aptalis reported revenues of $688 million. The deal is expected to close this half. Morgan Stanley advised Forest, and JPMorgan advised Aptalis. ...