Abbott (NYSE: ABT) and Kos Pharmaceuticals, Inc. (Nasdaq: KOSP) has reached a definitive agreement that enables Abbott to acquire Kos for $78 per share in cash, for a total transaction value of $3.7 billion, net of cash currently held by Kos.
According to Miles D. White, chairman and chief executive officer of Abbott:
"Kos Pharmaceuticals is an excellent strategic fit for Abbott, both scientifically and commercially.
This acquisition expands Abbott's presence in the lipid management market and will provide several on-market and late-stage pipeline products.
Kos also complements our existing commercial and research and development expertise, and increases our R&D spending capacity."
Kos Pharmaceuticals, based in Cranbury, N.J., Kos is a specialty pharmaceutical company that develops and markets proprietary medications for the treatment of chronic cardiovascular, metabolic and respiratory diseases.
Kos has a growing presence in the $20 billion lipid management market.
Find more details from the press release.
Comment Preview