Shionogi completes $1.1 billion acquisition of Sciele Pharma

By Angela McDaniels

Tacoma, Wash., Oct. 9 - Shionogi & Co., Ltd. said it completed its acquisition of Sciele Pharma, Inc. on Thursday.

Shionogi received tenders for 29,758,788 shares, or 92%, of Sciele Pharma's common stock during a $31-per-share tender offer. The acquisition was completed via a short-form merger after the subsequent offering period of the tender offer expired on Wednesday.

Each share not tendered in the offer was converted into the right to receive $31 in cash.

Sciele Pharma ceased trading on the Nasdaq Global Select Market at the close on Thursday, according to a joint news release.

The merger has an estimated total equity purchase price of $1.1 billion and was first announced on Sept. 2.

Sciele Pharma, an Atlanta pharmaceutical company, is now a wholly owned subsidiary of Shionogi and will continue as a stand-alone business unit with its management team intact.

Shionogi is an Osaka, Japan, pharmaceutical manufacturer.

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