Sepracor Acquisition Survives Anti-Trust Waiting Period
The waiting period required for the consummation of Dainippon Sumitomo Pharma Co. Ltd.'s acquisition of Marlborough's Sepracor Inc. has expired with no action by the Federal Trade Commission or the U.S. Department of Justice.
The Hart-Scott-Rodino Antitrust Improvement Act of 1976 required Sepracor and DSP to file a "Notification and Report Form" for review by the FTC and the DOJ. The two agencies had until 12 a.m. today to determine whether the proposed acquisition violates anti-trust laws.
Sepracor, the pharmaceutical company that makes the sleep drug Lunesta and others, announced its $2.6 billion acquisition by DSP three weeks ago.
With the waiting period complete, DSP may proceed with its cash tender offer for Sepracor's acquisition. The $23-per-share offer is set to expire Oct. 13.
Upon closing, Sepracor will become a wholly-owned subsidiary of DSP. The company will continue to operate as Sepracor and its operations will remain in Marlborough.
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