Noven Pharmaceuticals is paying $125 million in cash and assuming $10 million in debt to clinch a deal to acquire New York-based JDS Pharmaceuticals. Noven, which makes drug patch products, bags two products on the market and a pipeline of experimental therapies for psychiatry and women's health. JDS's two approved drugs are Lithobid for bipolar disorder and Pexeva for depression. If all goes according to plan, Noven says the acquisition will add more than $500 million in new sales by 2012. JDS' co-founder Phillip Satow is set to join the board after the deal closes in August.
- see the release on the buyout
- check out the AP report on the buyout
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