Forest Laboratories Inc. said it will buy Clinical Data Inc. for $1.2 billion to gain access to a new antidepressant approved last month by U.S. regulators.
Forest, based in New York, will pay $30 a share in cash for Newton, Massachusetts-based Clinical Data plus an additional $6 a share if the drug, Viibryd, meets certain sales goals, the companies said today in a statement. The companies said the deal is valued at $1.2 billion net of cash acquired.
Forest has been looking to license new drugs to replace top-selling Lexapro, an antidepressant that accounts for 56 percent of the company’s sales and is set to lose patent protection next year. Forest aims to leverage its existing sales force to turn Viibryd into a product with more than $1 billion in annual sales.
Tuesday, February 22, 2011
Another antidepressant!? Forest Laboratories to Buy Clinical Data for $1.2 Billion - Bloomberg
via bloomberg.com
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