USA-based Horizon Pharma (Nasdaq: HZNP) and privately-held, Ireland-based, Vidara Therapeutics International have entered into a definitive agreement under which Horizon will acquire Vidara through a reverse merger for stock and cash valued at about $660 million.
Horizon Pharma plc will be the name of the resulting company. Taking advantage of favorable Irish tax laws, the combined company will be organized under the laws of Ireland with a portfolio of four products marketed primarily in the USA.
The proposed transaction has been unanimously approved by both companies' boards of directors. Under the agreement, Vidara will combine with Horizon Pharma Inc with approximately 74% of Horizon Pharma plc's ordinary shares to be exchanged for Horizon Pharma Inc's common shares, with Horizon surviving the merger. The shareholders of Vidara will retain about 26% of Horizon Pharma plc and receive $200 million in cash, subject to certain adjustments. The transaction is expected to close mid-year 2014.
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