Endo Health Solutions Inc said in a statement that it would be acquiring Canadian peer Paladin Labs Inc. The acquisition deal was worth USD1.6 billion. The acquisition was reportedly strategic, as the specialty pharmaceutical company intended to expand its business in the Canadian and emerging markets.
Endo is based in Malvern, Pennsylvania, the creation of the company was a product of a buyout by previous management from DuPont Merck. It is mainly focused on producing generic and branded pharmaceuticals, services and devices.
The acquisition would have Endo paying CAD77 or USD73.98 per share of Paladin. The acquisition price per share was more than 20% of Paladin's closing price on Monday's trading.
Paladin interim chief executive Mark Beaudet said, "We're also proud of this agreement which marks the beginning of a relationship with Endo where we will work together to expand our proven business model globally."
Paladin would be operating as an independent company once the acquisition would be finalized. It would be retaining its current management and headquarters in Montreal.
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