Nycomed bids $346M for USA's Bradley
Danish drugmaker Nycomed says it has signed a definitive agreement to acquire US specialty and generics company Bradley Pharmaceuticals in a deal worth $20.00 a share, or a total value of $346.0 million to the latter's shareholders. This is a premium of 25% on Bradley's closing price of $16.00 on October 29. The news sent Bradley's shares rocketing 22.3% to $19.57 immdiately after the announcement on October 30.
The move is aimed particularly at strengthening the branded dermatologics business of the PharmaDerm division of Nycomed, and will provide an enhanced platform for in-licensing a and co-promotion of dermatology products, says the privately-owned Danish parent firm. Following closure of the deal, which is anticipated (subject to Bradley shareholders and competition authority approvals) in the first quarter of 2008, Bradley will be integrated with the PharmaDerm and Fougera divisions of Nycomed's specialty business. Combined sales of Nycomed US and Bradley will be around $450.0 million on an anualized basis.
...but will there be a contest
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