UCB completes Kremers Urban divestment to Lannett
UCB (Euronext Brussels: UCB) says it has completed its previously-announced transaction providing for the sale of its US specialty generics subsidiary, Kremers Urban Pharmaceuticals (KU), to Lannett Company (NYSE: LCI; The Pharma Letter September 3).
KU has been sold by UCB to Lannett for total consideration of around $ 1.23 billion. In addition, UCB is eligible to receive contingent payments for methylphenidate HCI ER in the event that the product’s AB-rating is restored, allowing UCB to participate in potential upside in the product. In connection with the divestiture, UCB also received warrants to purchase shares of Lannett’s common stock.
UCB reconfirmed it plans to use the proceeds from this divestiture to reduce indebtedness and increase the company's capacity for strategic investments, to further accelerate growth and/or to further strengthen its innovative medicines pipeline. The UCB 2015 financial outlook remains unchanged.
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