Leiner Health Products
This article was originally published in The Tan Sheet
Executive Summary
Company to purchase "substantially all of the assets" of Novopharm's Granutec and Stanley Pharmaceuticals divisions under a definitive agreement announced Oct. 25; the transaction is expected to be completed prior to year-end. Both Leiner and Granutec sell private label cimetidine (SmithKline's Tagamet HB). Granutec also began shipping generic ranitidine July 19, a month after Warner-Lambert's Zantac 75 lost its exclusivity. Stanley Pharmaceuticals manufactures and distributes OTCs and vitamin supplements in Canada; Novopharm is based in Toronto
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Novopharm acquisition
Teva Pharmaceutical Industries has entered into a letter of intent with Toronto-based Novopharm to acquire the generics firm from Dan Family Holdings for approximately 4.8 mil. Teva shares, the company announces Dec. 2. Based on the day's closing price of 54-1/2, the deal is valued at approximately $261.6 mil. The agreement appears to be contingent on Novopharm selling off its OTC business; the company is finalizing a deal with Leiner Health Products for the sale of its Granutec and Stanley Pharmaceutical subsidiaries (1"The Tan Sheet" Nov. 8, In Brief). The agreement with Leiner is expected to be finalized by year-end, while Teva hopes its Novopharm acquisition can be completed within the next few months
Novopharm acquisition
Teva Pharmaceutical Industries has entered into a letter of intent with Toronto-based Novopharm to acquire the generics firm from Dan Family Holdings for approximately 4.8 mil. Teva shares, the company announces Dec. 2. Based on the day's closing price of 54-1/2, the deal is valued at approximately $261.6 mil. The agreement appears to be contingent on Novopharm selling off its OTC business; the company is finalizing a deal with Leiner Health Products for the sale of its Granutec and Stanley Pharmaceutical subsidiaries (1"The Tan Sheet" Nov. 8, In Brief). The agreement with Leiner is expected to be finalized by year-end, while Teva hopes its Novopharm acquisition can be completed within the next few months