West Pharma completes Medimop acquisition

US firm West Pharmaceutical Services says that it has completed its previously-announced acquisition of 90% of the stock of Medimop Medical Projects, a developer of disposable medical devices for the mixing, transfer, reconstitution and administration of injectable drugs. The acquisition was completed on terms consistent with those described in the company's earlier announcement of the transaction.

Under the deal, West will pay $36.0 million in cash, shares valued at $4.0 million and up to $1.8 million of contingent cash consideration. Freddy Zinger, founder and president of Medimop, will continue to hold the remaining 10% ownership of the company, which West will have the option to acquire at fair value in the future.

In addition, West said that it has completed the issue of $75.0 million of long-term, floating interest rate notes. The company entered into an interest rate swap agreement, effectively fixing the rates on the new debt, at 5.32% for $50.0 million of those maturing in 2012, and at 5.51% for $25.0 million of those doing so in 2015.