Ireland-incorporated Horizon Pharma (Nasdaq: HZNP) has entered into an agreement to acquire all of the issued and outstanding shares of Raptor Pharmaceutical (Nasdaq: RPTP) common stock for $9.00 per share in cash – a 21% premium to its Friday close, for an implied fully-diluted equity value of around $800 million. The transaction is expected to close in the fourth quarter of 2016.
New York-traded shares of Horizon Pharma rose 9.44% to $18.89, while shares of rare diseases specialist Raptor leapt 20.54% to $8.98 by close of trading on Monday.
"The proposed acquisition of Raptor furthers our commitment to helping people with rare diseases and is a significant step in advancing our strategy to expand our rare disease business," said Timothy Walbert, chairman, president and chief executive of Horizon Pharma, adding: "Along with the potential for accelerated revenue growth, the addition of Raptor strengthens our US orphan business and provides a platform to expand our orphan business in Europe and other key international markets."
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