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Monday, 31 August 2009 14:52 |
Hisamitsu Pharmaceutical Co. completed its $428 million purchase of Florida-based Noven Pharmaceutical Inc., the companies said Friday.Hisamitsu agreed to buy Noven on July 14 for $16.50 per share, which was a 22.4 percent premium to the most recent closing price for Noven stock.
Noven is now a wholly owned subsidiary of Hisamitsu U.S. It will keep its name, work force and current locations and remain a standalone unit. Noven shares will no longer trade on the Nasdaq Stock Market ( NDAQ - news - people ) after Friday. Noven is based in Miami, and its products include Vivelle-Dot estrogen patch, which is sold through a partnership with Novartis ( NVS - news - people ) AG, and Daytrana, an attention deficit hyperactivity disorder patch licensed to Shire ( SHPGY - news - people ) PLC.
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