Canada's Axcan Pharma is being bought out for $1.3 billion by the private equity group TPG Capital. Shareholders will get a 28 percent premium over Wednesday's close while Axcan gains a new owner as it pushes ahead with new gastrointestinal therapies. Just a few weeks ago Axcan inked a deal with Cellerix SL for the rights to Cx401, a mid-stage drug in development for the treatment of perianal fistulas. Axcan finished fiscal 2007 with $349 million in revenue.
"As an independent, private company with strong backing from TPG, we will be able to continue our focus on the development of innovative, high-quality medical products and become an even stronger partner to health professionals in the gastrointestinal arena," said Frank Verwiel, president and CEO of Axcan.
- see this release or more
- check out the AP report on the buyout
Axcan drug flunks Phase III trial. Report