Horizon Pharma to acquire Vidara
Specialty pharma Horizon Pharma Inc. (NASDAQ:HZNP) will acquire Vidara Therapeutics International Ltd. (Dublin, Ireland) through a reverse merger in a cash and stock deal that Horizon said values Vidara at about $660 million. Vidara shareholders will receive $200 million in cash and own about 26% of the combined company, which will be named Horizon Pharma plc. Horizon shareholders will own about 74% of the surviving company, which will continue to trade on NASDAQ but will be organized under Irish law. On a conference call to discuss the deal, Timothy Walbert, Horizon's chairman, president and CEO, said the corporate tax rate of the combined company is expected to be below 20% "compared to Horizon's expected future tax rate in the high 30%."
Vidara's sole marketed product is Actimmune interferon gamma-1b, which is approved in the U.S. for children and adults with chronic granulomatous disease and severe, malignant osteopetrosis. Vidara recorded 2013 net sales of Actimmune of $58.9 million. Horizon markets four drugs, including autoimmune drugs Duexis ibuprofen/famotidine ( HZT-501) and Rayos prednisone ( NP01). The company had 2013 sales of $103 million. ...