Endo Health Solutions spends $1.6bn on Paladin Labs acquisition
US healthcare company Endo Health Solutions has acquired Canada-based specialty pharma company Paladin Labs in a deal worth up to US $1.6 billion.
Paladin Labs focuses on acquiring or in-licensing innovative pharmaceutical products for the Canadian and world markets. Key products serve growing drug markets, such as ADHD, pain, urology and allergy.
“The acquisition of Paladin Labs accelerates Endo’s transformation from an integrated health solutions company to a top tier global specialty healthcare leader. Together with our sharpened focus, lean operating model and improved execution within our core businesses, strategic acquisitions will continue to play a key role in maximizing our growth potential and cash flow generation to drive future value for Endo shareholders.
“The compelling financial and operational platform we are creating through this combination will leave the new Endo well positioned to continue to offer products that make a difference in the lives of patients while generating superior growth and returns for our shareholders.”
Rajiv De Silva, president and CEO of Endo.
Following completion of the transaction, the ‘New Endo’ will be led by Endo Health’s current management team. Paladin Labs will be a separate operating company under New Endo and will continue to be led by Paladin Labs’ current management team and will maintain its current headquarters location in Montreal. Its Canadian operations will continue under the Paladin Labs name.
The acquisition is expected to close in the first half of 2014, subject to certain conditions and approvals, including regulatory approvals in the US, Canada and South Africa (where Paladin owns a 61.5% stake in publicly traded Litha Healthcare Group Limited), the approval of both companies’ shareholders, the approval of the Superior Court of Quebec, the registration and listing of New Endo shares and customary closing conditions.
Endo Health to Buy Paladin Labs for $1.6 Billion (Wall Street Journal)
Don't miss your daily pharmaphorum news.
SUBSCRIBE free here.