Noven Pharmaceuticals, Hisamitsu merger one step closer to completion

By Lisa Kerner

Charlotte, N.C., Aug. 13 - The Hart-Scott-Rodino waiting period ended Wednesday in the proposed merger of Hisamitsu U.S., Inc. and Noven Pharmaceuticals, Inc.

In July Noven announced it agreed to be acquired by Hisamitsu, a Tosu, Japan-based pharmaceutical company, for $428 million in cash.

Hisamitsu subsidiary Northstar Merger Sub, Inc. began a $16.50-per-share tender offer for all outstanding shares of Noven's common stock on July 23.

The offer will end at midnight ET on Aug. 19 unless extended, said Hisamitsu.

As previously reported, Miami-based Noven is expected to continue as a stand-alone business unit.

Georgeson Inc. is the information agent for the tender offer.

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