Shionogi & Co., Ltd. to Acquire Sciele Pharma, Inc.

03-Sep-2008 - USA

Shionogi & Co., Ltd. and Sciele Pharma, Inc. announced that they have entered into a definitive agreement under which Shionogi & Co., Ltd. will acquire Sciele Pharma, Inc.

Under the terms of agreement and pursuant to a tender offer, Shionogi will acquire all the outstanding shares of Sciele’s common stock at a price of $31 per share, for a total equity purchase price of approximately $1.1 billion. Upon completion of the acquisition, Sciele will become a wholly-owned subsidiary of Shionogi and will continue operations in Atlanta, GA, USA as a standalone business unit. The Board of Directors of Shionogi and Sciele have approved this transaction. This acquisition is subject to clearance under the Hart-Scott-Rodino Antitrust Improvement Act and other customary conditions.

According to the company, this acquisition of Sciele provides Shionogi with an immediate expansion in the U.S. market, significantly increasing Shionogi’s commercial presence and product pipeline in the United States. This transaction will not result in any reduction of Sciele employees.

Dr. Isao Teshirogi, President & Representative Director, Shionogi, said, “Sciele has a well-established sales and marketing team with a proven track record in the United States. Sciele also has expertise in several other key areas, including clinical, regulatory and business development. This acquisition will give us a strong platform in the United States to launch products that are currently in the Shionogi and Sciele pipelines. Our therapeutic areas complement each other and broaden our product portfolio and R&D pipeline. This transaction is expected to generate additional growth for Shionogi in the near-term and long-term.”

https://www.bionity.com/en/news/86490/shionogi-co-ltd-to-acquire-sciele-pharma-inc.html