APP Pharmaceuticals acquired by Fresenius for $3.7 billion

By Lisa Kerner

Charlotte, N.C., Sept. 10 - Fresenius Kabi has entered the U.S. pharmaceutical market with its acquisition of APP Pharmaceuticals, Inc.

APP said it will operate as the North American platform for Fresenius Kabi, a business segment of Fresenius SE, and its products will continue to be sold under the APP Pharmaceuticals brand name.

Under the companies' July 7 agreement, Fresenius acquired the outstanding common stock of APP for $23 in cash per share plus a contingent value right that could deliver up to an additional $980 million, or $6 per share in cash, if certain financial targets are met.

Dr. Patrick Soon-Shiong, APP founder and former chairman of the board, will join the Fresenius Kabi board, according to an APP news release.

APP is a fully integrated pharmaceutical company specializing in injectable pharmaceutical products for the oncology, anti-infective, anesthetic/analgesic and critical care markets. The company is based in Schaumburg, Ill.

Fresenius is a health-care group located in Frankfurt, Germany, that provides products and services for dialysis, hospital and outpatient medical care.

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