Sepracor acquired by Dainippon Sumitomo in $23-per-share deal

By Angela McDaniels

Tacoma, Wash., Oct. 20 - Dainippon Sumitomo Pharma Co., Ltd. completed its $2.6 billion acquisition of Sepracor Inc. on Tuesday, according to a joint news release from the companies.

Dainippon acquired the company through a $23-per-share tender offer and by exercising a top-up option to acquire additional shares from Sepracor, which was followed by a short-form merger.

The subsequent offering period of the tender offer expired at 5 p.m. ET on Monday, at which time 86.9% of Sepracor's outstanding shares had been tendered.

Sepracor, a specialty pharmaceutical company, will now operate as a wholly owned subsidiary of Dainippon Sumitomo Pharma America Holdings, Inc. in Marlborough, Mass., and in Canada under the Sepracor name.

Dainippon is an Osaka, Japan-based pharmaceutical company.

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