CEGEDIM to buy Dendrite for $751M

Paris, France-based CEGEDIM SA has announced a definitive merger agreement under which it will acquire the US group Dendrite International for $16.00 per outstanding share in cash.

Under the terms of the deal, Dendrite is valued on a fully-diluted equity basis at approximately $751.0 million. This represents a premium of around 40% over the average closing share price for its common stock over the 20-day trading period from February 1 March 1, 2007, the last trading day prior to the announcement of the transaction.

The French group says this combination will create a major player in diversified sales, marketing, clinical and compliance solutions to the global life sciences and pharmaceutical industry. In particular, by joining CEGEDIM's European strength with Dendrite's US and Asia Pacific position, the combined group will be able to address the global needs of its customers and provide a unique suite of integrated, value-added products. The merged company is expected to have estimated pro forma annual revenues of $1.1 billion and operate in more than 75 countries throughout Europe, the Americas and Asia Pacific.