Forest Labs extends tender offer to acquire Clinical Data

Forest Laboratories, Inc. (NYSE: FRX) says that it has extended the expiration date of its tender offer for all outstanding shares of common stock of, and certain outstanding notes and warrants convertible into the common stock of, Clinical Data (Nasdaq: CLDA) to expire at 12:00 midnight, New York City time on Monday, April 11, 2011.

The company announced its $1.2 billion (including contingent arrangements) takeover bid for Clinical Data, aimed at boosting its pipeline as its blockbuster antidepressant Lexapro (escitalopram) loses patent protection next year, with the addition of the latter firm’s Viibryd (vilazodone), which is already approved in the USA, earlier this year (The Pharma Letter February 23).

Forest also announced that it has agreed with Clinical Data to amend the merger agreement, dated as of February 22, 2011, among Forest, Clinical Data, FL Holding CV, an indirect wholly-owned subsidiary of Forest, and Magnolia.