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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