Health Care Deal News: Spotlight on Pharmaceuticals- January 2013
Pernix Therapeutics Holdings Inc. (NYSE: PTX) is another company on an acquisition roll. Following its November announcement of a dual purchase—Cypress Pharmaceuticals and Hawthorn Pharmaceuticals—Pernix announced its $25 million, stock-for-stock bid for Somaxon Pharmaceuticals, Inc. Somaxon’s product, Silenor, is approved for the treatment of insomnia characterized by difficulty with sleep maintenance. Pernix expects net sales from Silenor on an annualized net basis to be in the $10 million to $15 million range and EBITDA resulting from net sales in the $5 million to $10 million range. Stifel Nicolaus Weisel is acting as financial advisor to Somaxon.
In a mutually strategic move, Kemira Oyj agreed to sell ChemSolutions BV, its food and pharmaceutical businesses together with its acetate-based chemicals business, to Niagara Falls, New York-based Niacet Corporation for $107,912,000 (Eur 82 million). Kemira is a global water chemistry company, and the ChemSolutions businesses were not part of its core business. Niacet produces propionates and acetates for the US bakery and pharmaceuticals industries. The acquisition boosts its strategy to become a global player in these areas. The Valance Group advised Niacet on the transaction......Want to read more? Click here for a free trial to The Health Care M&A Information Source and download the current issue today