The board of directors of Axcan has unanimously approved the agreement and recommends that shareholders vote to accept the offer.
Under the terms of the transaction, TPG Capital and its affiliates will acquire all of the common shares of Axcan for an offer price of $23.35 per common share. The purchase price represents a 28% premium over the average trading price of Axcan’s common shares on November 28, 2007, the last trading day on the Nasdaq prior to this announcement. Axcan anticipates that the transaction will be completed in the first quarter of 2008.
Frank Verwiel, president and CEO of Axcan, said: “This transaction provides compelling value and certainty to our shareholders. Our board of directors believes that this is the best way to maximize value while providing the company with long-term partners who share our commitment to patients and employees. TPG’s investment recognizes the critical contribution that Axcan’s professionals have made over the past 25 years.
“As an independent, private company with strong backing from TPG, we will be able to continue our focus on the development of innovative, high-quality medical products and become an even stronger partner to health professionals in the gastrointestinal arena.”