Jazz Pharmaceuticals To Acquire Celator for $1.5 BillionBy
Jazz Pharmaceuticals, a Dublin, Ireland-based biopharmaceutical company, has agreed to acquire Celator Pharmaceuticals, an Ewing, New Jersey-based biopharmaceutical company for $30.25 per share in cash, or approximately $1.5 billion.
The move strengthens Jazz’s position in hematology/oncology. Celator is currently preparing a regulatory submission in the US for Vyxeos (cytarabine:daunorubicin) liposome for injection. The drug received breakthrough therapy designation from the US Food and Drug Administration (FDA) for treating adults with therapy-related acute myeloid leukemia or acute myeloid leukemia with myelodysplasia-related changes. The company plans to submit a new drug application with the FDA later this year.
The transaction is structured as a tender offer and second step merger. The closing of the tender offer is conditioned upon customary conditions, including the tender of a majority of the outstanding shares of Celator common stock and expiration or termination of the Hart Scott Rodino waiting period. The transaction is expected to close in the third quarter of 2016.
Certain stockholders of Celator holding approximately 18.4 percent of Celator’s outstanding shares of common stock, including executive officers, members of the Celator board of directors and certain investment funds affiliated with the members of the board of directors, have agreed to tender their shares in the tender offer.
Source: Jazz Pharmaceuticals