Looking for a quick leg up in the blockbuster world of cholesterol management, Abbott Laboratories has struck a deal to buy Kos Pharmaceuticals for $3.7 billion. The deal will pay stockholders $78 a share compared to Friday's close of $50.09, a 56 percent premium. Kos makes Niaspan and Advicor, which boosts "good" cholesterol, and is in late-stage development of Simcor. Simcor combines Niaspan and Zocor, which cuts bad cholesterol. Kos also has programs for asthma and inhaled insulin. Analysts said the deal makes sense for Abbott, which wants to boost its presence in the field of cholesterol control. It was also the latest example of a drug developer being wooed by an offer they couldn't resist.
- here's the AP report on the deal
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