Japanese Firm To Acquire Sepracor For $2.6B
Marlborough-based Sepracor Inc. has agreed to be acquired by Japanese drug firm Dainippon Sumitomo Pharma Co. for about $2.6 billion.
Dainippon will purchase Sepracor in a cash tender offer of $23 per share, about a 48 percent premium over the average price of Sepracor stock over the last 6 months and a 27.6 percent premium over its closing stock price Tuesday.
The deal is expected to close in the fourth quarter.
Upon closing, Sepracor will become a wholly-owned subsidiary of Dainippon Sumitomo Pharma America Holdings Inc. The company will continue to operate as Sepracor and its operations will remain in Marlborough.
Dainippon is acquiring Sepracor in order to gain a foothold in the North American market. The company intends to use Sepracor to develop and commercialize a drug it developed for the treatment of schizophrenia, as well as other drugs in its development pipeline.
Sepracor, which makes the well-known sleep drug Lunesta, reported revenue of $1.3 billion and a profit of $515 million in 2008.
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