Shionogi buys US firm Sciele for $1.1B

In another foray into the US pharmaceutical market by a Japanese drugmaker, Shionogi has signed a definitive agreement to acquire 100% of Atlanta, Georgia-based Sciele Pharma, for a total of around $1.1 billion in cash, or $31 a share. This is a 61% premium to Sciele's closing price ahead of the announcement made on September 1. Shionogi will also redeem a $325.0-million Sciele convertible bond.

Upon completion of the acquisition, Sciele will become a wholly-owned subsidiary of Shionogi and will continue operations in Atlanta as a stand-alone business unit, retaining all employees. The boards of both companies have approved this transaction, which is subject to clearance under the Hart-Scott-Rodino Antitrust Improvement Act and other customary conditions. Completion is anticipated in the fourth quarter of this year.

Brings products with $382M in sales