Japan’s Hisamitsu to Buy Noven Pharmaceuticals

14 July 2009 (Last Updated July 14th, 2009 18:30)

Japan's Hisamitsu, a pharmaceuticals and health goods manufacturer, has announced the purchase of US Miami-based Noven Pharmaceuticals for $430m. The venture to make Noven a wholly owned subsidiary is part of Hisamitsu's goal of growing its presence in the US. Hisamitsu will pay

Japan's Hisamitsu, a pharmaceuticals and health goods manufacturer, has announced the purchase of US Miami-based Noven Pharmaceuticals for $430m.

The venture to make Noven a wholly owned subsidiary is part of Hisamitsu's goal of growing its presence in the US.

Hisamitsu will pay $16.50 for each Noven share, representing a 38% premium on Noven's 50-day moving average share price of $11.95.

The deal would make Noven a wholly owned subsidiary when completed in August, raising Hisamitsu's stake in the firm up from its current 4.98% stake.

Noven, which specialises in hormone therapies for women as well as drug delivery patches, will name Jeffrey Eisenberg as president and chief executive and will remain a standalone business.