TOSU, Saga, Japan and MIAMI, Aug. 27 Hisamitsu Pharmaceutical Co., Inc. (TSE: 4530) and Hisamitsu U.S., Inc. today announced the completion of their acquisition of Noven Pharmaceuticals, Inc. pursuant to a short form merger of Northstar Merger Sub, Inc., a wholly owned subsidiary of Hisamitsu U.S., Inc., with and into Noven.
Pursuant to the Agreement and Plan of Merger among the companies, at the effective time of the merger all remaining outstanding shares of Noven's common stock, other than those held by stockholders who properly perfect appraisal rights under Delaware law, were converted into the right to receive $16.50 per share in cash. As a result of the transaction, Noven has become a wholly owned subsidiary of Hisamitsu U.S., Inc. Hisamitsu expects Noven to continue as a stand alone business unit under the Noven name, operating at its current locations in Miami and New York, and with its existing workforce.
Effective with the close of trading today, Noven's common stock has ceased to be traded on the NASDAQ Global Select Market.
Hisamitsu Pharmaceutical Co., Inc. is a leading pharmaceutical company that develops and markets prescription and over-the-counter ("OTC") pharmaceutical products using transdermal delivery systems technology. Its leading product in prescription pharmaceuticals is its Mohrus(R) series (ketoprofen patch for pain), and its leading brand in the OTC business is Salonpas(R). The company was founded in 1847 and is located in Saga, Japan. Additional information is available through its corporate website, http://www.hisamitsu.co.jp.
Noven Pharmaceuticals, Inc. is a specialty pharmaceutical company engaged in the research, development, manufacture, marketing and sale of prescription pharmaceutical products. Noven's business and operations are focused in three principal areas -- transdermal drug delivery, the Novogyne Pharmaceuticals joint venture, and Noven Therapeutics, Noven's specialty pharmaceutical marketing and sales unit. Noven is committed to developing and offering products and technologies that meaningfully benefit patients, its customers and its industry partners. For more information, visit www.noven.com.
SOURCE Hisamitsu Pharmaceutical Co., Inc.