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Noven shares stop trading following company's acquisition by Hisamitsu
By Lisa Kerner
Charlotte, N.C., Aug. 28 - Hisamitsu Pharmaceutical Co., Inc. completed its acquisition of Noven Pharmaceuticals, Inc., it was announced on Friday.
As a result, Noven's common stock has ceased trading on the Nasdaq Global Select Market.
Noven, now a wholly owned subsidiary of Hisamitsu U.S., Inc., is expected to operate as a stand-alone business unit under the Noven name in Miami and New York, according to a Hisamitsu news release.
In July, Noven agreed to be acquired by Hisamitsu, a Tosu, Japan-based company, for $428 million in cash, or $16.50 per share.
The pharmaceutical companies make products that use transdermal drug-delivery systems.
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