Japanese drug maker Otsuka Pharmaceutical Co. has agreed to buy
California-based Avanir Pharmaceuticals Inc. in a deal that values
the Nasdaq-traded company at $3.5 billion.
Avanir said in a statement Tuesday that Otsuka Pharmaceutical
will buy the company for $17 a share in cash, noting that the
boards of directors of both companies have approved the
transaction.
Avanir develops drugs to treat central nervous system disorders.
The companies said that Avanir would partner with Otsuka in the
U.S. to continue development of the drugs and on their
commercialization efforts.
The companies expect the deal to close in the first quarter of
2015, with Avanir becoming an independent unit of Otsuka's U.S.
operations.
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