$240 Million Merger Deal Signed By Schein And Marsam

Schein Pharmaceutical and Marsam Pharmaceuticals of the USA have signed a merger agreement which provides for the acquisition by Schein of all the outstanding shares of Marsam for approximately $240 million in cash. This is equal to $21 per share of Marsam stock.

Marsam president and chief executive Marvin Samson and Agvar Chemicals who, in aggregate, hold around 28% of the outstanding shares of Marsam common stock, have agreed to tender their shares. The offer is conditional that at least a majority of Marsam's shares are tendered, and the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act. The Marsam board has approved the offer and recommended its acceptance.

Mr Samson will continue as president and chief executive of Marsam, which develops, manufactures and markets multisource injectable drug products for hospital, institutional and home infusion markets. Schein, according to the company, is one of the leading multisource companies in the USA, manufacturing over 400 pharmaceutical products in nearly every therapeutic category.