Hisamitsu Pharmaceutical acquires Noven Pharmaceuticals

Hisamitsu Pharmaceutical Co., Inc. (TSE: 4530) and Hisamitsu U.S., Inc. today announced the completion of their acquisition of Noven Pharmaceuticals, Inc. pursuant to a short form merger of Northstar Merger Sub, Inc., a wholly owned subsidiary of Hisamitsu U.S., Inc., with and into Noven.

Pursuant to the Agreement and Plan of Merger among the companies, at the effective time of the merger all remaining outstanding shares of Noven's common stock, other than those held by stockholders who properly perfect appraisal rights under Delaware law, were converted into the right to receive $16.50 per share in cash. As a result of the transaction, Noven has become a wholly owned subsidiary of Hisamitsu U.S., Inc. Hisamitsu expects Noven to continue as a stand alone business unit under the Noven name, operating at its current locations in Miami and New York, and with its existing workforce.

Effective with the close of trading today, Noven's common stock has ceased to be traded on the NASDAQ Global Select Market.