24. April 2007 12:17
Shire plc has announced that it has completed its acquisition of New River Pharmaceuticals Inc.
New River pursuant to a short-form merger in which a subsidiary of Shire was merged with and into New River with New River continuing as the surviving corporation. Shire had previously announced the acquisition of approximately 96.4% of New River's outstanding common stock pursuant to a cash tender offer. In connection with the merger, all remaining outstanding shares of New River's common stock (other than shares as to which appraisal rights are properly demanded under Virginia law, if any), were converted into the right to receive the same $64.00 cash per share, without interest, that was paid in the tender offer.
Matthew Emmens, Shire's Chief Executive Officer commented:
"With this acquisition completed, Shire can now drive the launch and future development of VYVANSE and gain the full economic benefits of the drug. VYVANSE is a novel drug and will provide patients, parents and physicians with real benefits that differentiate this compound from other ADHD products. We believe it has the potential to be the next generation stimulant product to ADDERALL XR(R). The New River acquisition continues our leadership position in the growing US ADHD market, improves our operating margins, adds to our pipeline, significantly enhances our earnings growth from late 2009 and delivers on our overall global growth strategy."
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