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news.Irish specialty healthcare company Endo International has signed a definitive agreement to purchase US-based specialty pharmaceuticals company Dava Pharmaceuticals.
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The purchase price of Dava is $575m in cash, with additional consideration of about $25m contingent on the achievement of certain sales milestones.
The acquisition would improve Endo’s commercialization and development platform and is expected to be immediately accretive to the company’s 2014 adjusted earnings per share (EPS).
Endo president and CEO Rajiv De Silva said Dava is well-positioned for continued strong and highly predictable financial performance with its existing commercial portfolio and attractive near-term pipeline, and is a natural fit for our generics business.
"With Endo’s sharp focus, lean operating model and improved execution within our core businesses, strategic acquisitions will continue to play a key role in maximising our growth potential and cash flow to drive future value for Endo shareholders," De Silva said.
Subject to requisite regulatory approvals and customary closing conditions, the acquisition is expected to be complete in the second half of 2014.