Allergan - MAP Acquisition Update - Analyst Blog
05 3월 2013 - 1:30AM
Zacks
Allergan, Inc. (AGN) recently announced that
the tender offer to purchase the shares of MAP
Pharmaceuticals, Inc. (MAPP) and withdrawal rights have
expired on Feb 28, 2013. We note that Allergan had commenced the
cash tender offer to buy MAP Pharma shares for $25.00 on Jan 31,
2013. At the end of the offer period approximately 75.1% of the MAP
Pharma shares were tendered.
We note that on Jan 22, 2013, Allergan announced its intention to
acquire MAP Pharma. The offer price represented a premium of 60%
over MAP Pharmaceuticals’ closing price on that date. The deal is
expected to be worth approximately $958 million.
The acquisition will give Allergan the exclusive rights to migraine
candidate, Levadex, in the US. Levadex is currently under
regulatory review for the treatment of adults suffering from acute
migraine. A response from the US Food and Drug Administration (FDA)
should be out by Apr 15, 2013.
The acquisition is expected to close towards the end of the first
quarter or in the second quarter of 2013. After the completion of
the transaction, MAP Pharmaceutical will become a wholly owned
subsidiary of Allergan.
Our Take
We are positive on Allergan’s decision to buy MAP Pharmaceuticals.
Levadex’ approval would be a major boost for Allergan and will
complement the company’s portfolio, which includes Botox
(onabotulinumtoxinA). Botox is indicated for several indications
including the treatment of chronic migraine headache.
We remind investors that in Jan 2013, the FDA approved Botox for
the treatment of patients suffering from overactive bladder (OAB)
with symptoms of urge urinary incontinence, urgency and
frequency.
Allergan carries a Zacks Rank #3 (Hold). Right now, Eli
Lilly and Company (LLY) and Shire plc
(SHPG) look more attractive in the pharma space with a Zacks Rank
#2 (Buy).
ALLERGAN INC (AGN): Free Stock Analysis Report
LILLY ELI & CO (LLY): Free Stock Analysis Report
MAP PHARMACEUT (MAPP): Free Stock Analysis Report
SHIRE PLC-ADR (SHPG): Free Stock Analysis Report
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