Forest to buy Furiex for at least $1.1B


Forest Laboratories (FRX) has agreed to acquire Furiex Pharmaceuticals (FURX) for $1.1B in cash in a deal that Forest says will enable it to strengthen its position in Gastroenterology.

Forest, which is being bought by Actavis (ACT) is offering $95 a share vs Furiex's close of $80.15 on Friday.

Forest has also proposed up to $30 a share ($360M) in a Contingent Value Right (CVR) that may be payable based on the status of eluxadoline, Furiex's lead product, as a controlled drug following approval

Forest has also agreed to sell Furiex's royalties on alogliptin and Priligy to Royalty Pharma for $415M once Forest has bought Furiex.

Furiex's shares are +28.51%. (PR)

Comments (2)
  • JAC92651
    , contributor
    Comments (78) | Send Message
     
    WTF? A company currently being acquired, acquires another company? How the heck did they get that through a board approval process? When did their team find time to sell themselves while buying another?

     

    Has anyone ever seen this before? I imagine it must be being driven by ACT?
    28 Apr 2014, 10:25 AM Reply Like
  • jeepdrew22
    , contributor
    Comments (19) | Send Message
     
    ACT is a beast. Excited to see this company in 2+ years.
    3 May 2014, 01:21 AM Reply Like
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