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news.Actelion has entered into a definitive agreement to acquire biopharmaceutical company CoTherix for $420 million to build on the companies' relationship in cardiovascular products.
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Actelion will commence a cash tender offer of $13.50 per CoTherix share. The transaction is expected to conclude early in the first quarter of 2007.
CoTherix currently markets Ventavis, the only approved inhaled therapy for the treatment of pulmonary arterial hypertension in the US.
Actelion and CoTherix have a longstanding relationship developed through a shared focus on pulmonary arterial hypertension. This relationship was extended with CoTherix’ clinical trial investigating the combined use of Tracleer and Ventavis.
In 2007, Actelion expects Ventavis sales to contribute more than $100 million to product revenues. Actelion expects the transaction to be accretive to cash earnings in 2007 as a result of synergies.
“We expect that the transaction will generate immediate substantial value, adding top-line revenue and bottom-line cash earnings by leveraging our existing marketing and sales infrastructure in the US and expanding the reach of Ventavis,” said Jean-Paul Clozel, CEO of Actelion.
“Through the acquisition of CoTherix, Actelion will further lead the drive towards improved pulmonary arterial hypertension therapy, both today with the existing form of Ventavis and potentially tomorrow through improved delivery systems and dry-powder inhalation to further enhance convenience for patients,” added Mr Clozel.