japans-hisamitsu-to-buy-us-noven-for-428-million

Japan's Hisamitsu to buy US Noven for $428 million

Hisamitsu becomes the fourth Japanese pharmaceutical company to announce a US acquisition in the recent past, as it makes a tender offer for transdermal and women's health company Noven.

Japan's Hisamitsu Pharmaceutical Company said on Tuesday morning US time that it will buy Miami-headquartered Noven Pharmaceuticals for a cash consideration of $428 million. The acquisition will be made through a tender offer to existing shareholders.
 
The acquisition price translates to $16.50 per share, assuming Hisamitsu manages to buy all the outstanding shares of Noven. This represents a 22% premium to the closing price of Noven's common stock on July 13 and a 43% premium to the average closing price in the preceding 90 days.
 
The tender offer will be launched by a wholly-owned subsidiary of Hisamitsu. Post completion, the subsidiary will be merged into Noven, which will make the US...

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