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ViroPharma to acquire Lev

July 16, 2008 12:28 AM UTC

ViroPharma (NASDAQ:VPHM) will acquire Lev (OTCBB:LEVP) for $2.75 per share, or $442.9 million in stock and cash. The price is a 49% premium to Lev's close of $1.85 on Monday, before the deal was announced. Lev shareholders also are eligible for up to $174.6 million in milestones. In a separate transaction, ViroPharma made a $20 million equity investment in Lev through the purchase of 9.7 million shares at $2.07, a 12% premium over Lev's close on Monday. The investment gives ViroPharma a 6% stake in Lev. The deal gives ViroPharma Cinryze, a complement 1 (C1) esterase inhibitor under FDA review to treat and prevent hereditary angioedema (HAE) with an Oct. 14 PDUFA date. ViroPharma said the deal broadens its portfolio of therapies for life-threatening conditions in specialty markets. ViroPharma markets Vancocin vancomycin, an antibiotic approved to treat enterocolitis caused by Staphylococcus aureus and antibiotic-associated pseudomembranous colitis caused by Clostridium difficile. ...