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news.Horizon Pharma (HZNP) has completed the acquisition of Vidara Therapeutics International plc. In connection with the acquisition, Horizon and Vidara have combined with the resulting parent company incorporated in Ireland and named Horizon Pharma Public Limited Company, or plc.
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The acquisition further accelerates Horizon’s transformation into a profitable specialty biopharmaceutical company and provides a strong operating and financial platform for future growth. The Company has over 500 employees globally, including a U.S. commercial organization focused on primary care, specialty and rare diseases. In addition to its headquarters in Dublin, Ireland, the Company also has offices in Deerfield, Illinois; Roswell, Georgia; Reinach, Switzerland and Mannheim, Germany.
Under the terms of the transaction, stockholders of Horizon Pharma, Inc. received one ordinary share of Horizon Pharma plc in exchange for each share of Horizon Pharma, Inc. common stock they owned at closing. Following the closing, Horizon Pharma plc has approximately 106.1 million ordinary shares outstanding and approximately 122.4 million ordinary shares on a fully diluted basis, excluding shares issuable upon conversion of $150 million in principal amount of convertible senior notes.
Shares of Horizon Pharma plc will trade on NASDAQ under the ticker symbol HZNP, which is the same ticker symbol that Horizon Pharma, Inc.’s common stock traded under prior to the merger. In connection with the closing, the Company also completed the funding of its previously announced $300 million senior secured credit facility.
After the payment of cash to Vidara’s shareholder as part of the acquisition price and other transaction related expenses, the Company estimates that borrowings under the credit facility along with net cash remaining at Vidara will result in a net increase to cash and cash equivalents of $81.8 million.
"The closing of the Vidara transaction and the addition of ACTIMMUNE to our growing portfolio of products further strengthens and accelerates our commercial business model," said Timothy P. Walbert, chairman, president and chief executive officer, Horizon Pharma plc.
"We intend to continue to drive growth of our existing products and are well positioned to aggressively execute additional acquisitions that will enhance long-term shareholder value."