Axcan Pharma has completed the previously announced tender offer for the outstanding ordinary shares of Eurand for $587m.
Axcan president and CEO Frank Verwiel said the combination of two remarkable organizations will increase our ability to deliver superior value to our patients, caregivers, employees, and shareholders by expanding and diversifying our portfolio of in-market products and pipeline candidates, while also enhancing our world-class commercial, manufacturing, drug formulation and R&D capabilities.
"Together, we will create a specialty pharmaceutical company with an exciting future, focused on improving the quality of care and health of patients suffering from gastrointestinal disorders," Verwiel said.
Axcan and Eurand will begin joint operations on 14 February 2011.
Axcan Holdings Inc, parent company of Axcan Intermediate Holdings Inc, is a privately held, leading global specialty pharmaceutical company with clinical, manufacturing and commercial operations in the US, the European Union and Canada.
Axcan develops, manufactures and commercializes enhanced pharmaceutical and biopharmaceutical products based on its proprietary pharmaceutical technologies used in the treatment of a variety of gastrointestinal and other disorders.