DSP To Acquire Sepracor For $2.6 Billion

Published: 03-Sep-2009

Sepracor to become a wholly owned subsidiary of Dainippon Sumitomo Pharma America

Dainippon Sumitomo Pharma(DSP) and Sepracor have entered into a definitive agreement pursuant to which DSP will acquire Sepracor for approximately $2.6 billion through a cash tender offer of $23.00 per share. It will be followed by a merger to acquire all remaining outstanding Sepracor shares at the same price paid in the tender offer.

Upon completion of the acquisition, Sepracor will become a wholly owned subsidiary of Dainippon Sumitomo Pharma America Holdings, and will continue its operations based in Marlborough, Massachusetts and in Canada. Sepracor will retain its name, branding and intellectual property rights and continue to operate as Sepracor.

DSP expects that, upon completion, the Sepracor acquisition will allow DSP to leverage Sepracor’s expertise to develop and commercialise lurasidone, DSP’s self-developed product candidate for the treatment of schizophrenia and expand the overall scale of DSP’s business by adding a portfolio of profitable, marketed products in the US and Canada.

Masayo Tada, president of DSP, said: “Sepracor has pursued growth through development of its unique pipeline and introduction of innovative pharmaceutical products to the market, a strategy that fits perfectly with our management philosophy. We expect that Sepracor will become a Center of Excellence for DSP in the US, and will make a significant contribution to DSP both as a commercialisation infrastructure for our self-developed products and as a strategically important base for business development.”

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