Hisamitsu completes tender, will acquire Noven via short-form merger

By Lisa Kerner

Charlotte, N.C., Aug. 27 - Hisamitsu Pharmaceutical Co., Inc. completed its subsequent offering period for the remaining shares of Noven Pharmaceuticals, Inc. common stock as planned on Wednesday.

According to Hisamitsu, 22,320,889 shares, or 89.18%, of Noven's common stock were tendered in Hisamitsu's $16.50-per-share offer.

Hisamitsu said it will exercise its top-up option to buy newly issued shares of Noven for total ownership of one share more than 90% of Noven's then-outstanding shares.

Noven will be acquired via a short-form merger, and its common stock will cease trading on the Nasdaq Global Stock Market.

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

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