Axcan, Eurand deal

Gastroenterology company Axcan will acquire partner Eurand in a tender offer of $12 per share in cash, or about $583 million. The price is a 9% premium to Eurand's close of $10.97 on Nov. 30, before the deal was announced.

Axcan said the deal will bolster its portfolio, which includes marketed products Photofrin porfimer sodium for Barrett's esophagus and Canasa ( Salofalk) mesalamine for ulcerative proctitis (UP). Axcan gains exocrine pancreatic insufficiency (EPI) product Zenpep pancrelipase, for which Eurand recorded 3Q10 sales of €21.8 million ($29.7 million). ...