Kos Pharmaceuticals' two lead products are Niaspan, an extended-release niacin product that raises HDL, or good cholesterol levels; and Advicor, a Niaspan/lovastatin combination product that treats patients with multiple lipid disorders.
“Kos Pharmaceuticals is an excellent strategic fit for Abbott, both scientifically and commercially,” said Miles White, chairman and CEO of Abbott. “This acquisition expands Abbott's presence in the lipid management market and will provide several on-market and late-stage pipeline products. Kos also complements our existing commercial and research and development expertise, and increases our R&D spending capacity.”
Abbott expects the transaction to be $0.02 to $0.03 dilutive to ongoing earnings per share in 2007, neutral to accretive in 2008 and building to significant accretion thereafter. Following the closing, the transaction is expected to result in one-time charges, primarily for in-process research and development and integration expenses.