Forest Laboratories has completed its acquisition of US-based pharmaceutical company Clinical Data under a short-form merger.
The acquisition, valued at around $1.2bn, will see Clinical Data continue to act as a wholly owned subsidiary of Dogwood Holding, an indirect subsidiary of Forest.
Forest previously announced the completion of a tender offer by its Magnolia Acquisition subsidiary and all outstanding shares of Clinical Data common stock have been cancelled and converted into the right to receive $30 a share in cash, plus contingent consideration of up to $6 a share.
In January this year, the US Food and Drug Administration approved Clinical Data’s antidepressant drug vilazodone, marketed under the name Viibryd, which some analysts have predicted to reach peak sales in excess of $2bn.
