Forest to buy Furiex for at least $1.1B

|About: Forest Laboratories, Inc. (FRX)|By:, SA News Editor

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)