Dainippon to acquire Sepracor for $2.6B

Dainippon Sumitomo Pharma Co. Ltd. (Tokyo:4506; Osaka:4506) plans to acquire Sepracor Inc. (NASDAQ:SEPR) 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 Tuesday, before rumors of the deal sent Sepracor stock soaring to $22.80 on Wednesday. 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 is in Phase III testing for schizophrenia. ...