OR WAIT null SECS
Abbott Park, IL (Nov. 6)-Abbott Laboratories agreed to acquire the specialty pharmaceutical company Kos Pharmaceuticals, Inc. for $3.7 billion.
The move expands Abbott's position in the lipid-management market. Kos Pharmaceuticals' two lead products are "Niaspan" (niacin extended-release tablets) and "Advicor" (niacin extended-release and lovastatin tablets). A new Niaspan caplet formulation with a range of dosages is under review by the US Food and Drug Administration (Rockville, MD, www.fda.gov).
Kos also is in late-stage development for "Simcor," a fixed-dose combination of Niaspan and simvastatin, the active ingredient in "Zocor," Merck & Co., Inc.'s (Whitehouse Station, NJ, www.merck.com), cholesterol-lowering drug that came off patent in the United States earlier this year.
Abbott's lipid-management portfolio includes "TriCor" (fenofibrate tablets) and a next-generation fenofibrate, ABT-335. In July 2006, Abbott and AstraZeneca PLC (London, www.astrazeneca.com) announced a development program for a fixed-dose combination therapy for ABT-335 and AstraZeneca's "Crestor" (rosuvastatin calcium) and plans to evaluate a combination therapy of TriCor and Crestor.
Under the terms of the agreement, Abbott will make a tender offer for all of the outstanding stock of Kos Pharmaceuticals for $78 per share or $3.7 billion, net of cash currently held by Kos. The deal is subject to customary closing conditions.