NovaMed Pharmaceuticals Inc., SciClone deal

SciClone acquired Chinese pharmaceutical company NovaMed in a cash and stock deal valued at $62.6 million based on SciClone's close of $4.57 on April 18, the day before the acquisition was announced. NovaMed shareholders will receive $24.7 million in cash and 8.3 million SciClone shares up front, plus up to $43 million based on 2011 and 2012 revenue and earnings targets.

SciClone said the acquisition will expand its presence in China, where it already markets HBV vaccine Zadaxin thymalfasin. NovaMed, which had 2010 revenues of $31.5 million, markets 18 drugs across four therapeutic areas: cancer, cardiovascular disease, CNS disorders and urology/infection. The combined company expects to record $140-$145 million in revenue for 2011. ...