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Axcan to get debt financing for purchase by TPG
By Sara Rosenberg
New York, Nov. 29 - Axcan Pharma Inc. plans on getting new debt financing to help fund its buyout by TPG Capital, according to a news release.
Bank of America and HSBC are the lead banks on the debt.
Under the terms of the transaction, TPG will purchase all of the common shares of Axcan for an offer price of $23.35 per common share. The all-cash deal has a total value of $1.3 billion.
The acquisition is expected to close in the first quarter of 2008, subject to shareholder and regulatory approvals. It is not contingent on financing.
Axcan is a Quebec-based pharmaceutical company focused on the treatment of gastrointestinal disorders.
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