Quebec court OKs Axcan acquisition

By Lisa Kerner

Charlotte, N.C., Jan. 28 - The Superior Court of Quebec issued a final order approving the plan of arrangement in TPG Capital's proposed acquisition of Axcan Pharma Inc.

Axcan shareholders approved the plan on Jan. 25.

The transaction is expected to close in the first quarter, subject to receipt of all required regulatory approvals, a company news release stated.

Axcan, a Mont-Saint-Hilaire, Quebec-based specialty pharmaceutical company, agreed to be acquired by TPG Capital and its affiliates in an all-cash transaction valued at some $1.3 billion, or $23.35 per common share.

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