Jazz Tunes Up For Business Development
This article was originally published in The Pink Sheet Daily
With a highly competitive effective tax rate, half a billion dollars in cash, and access to attractively priced capital, specialty pharma Jazz, itself the subject of takeover rumors, has stepped up its ongoing hunt for late-stage assets.
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The $1 billion purchase price is tied to EU-approved Defitelio, an orphan drug to treat a rare hepatic disorder in patients receiving stem-cell transplants. The drug is not approved in the U.S. – an NDA was pulled in 2011 due to FDA concerns about data quality.
Perrigo is using Elan’s beneficial tax rates to launch its international expansion and the royalty stream from Tysabri to help fund those M&A endeavors, but is not dramatically changing its OTC focus.
The sale of an asset portfolio that includes Elsetrin for hot flashes could give Jazz the financial flexibility for another product acquisition.