BioCentury
ARTICLE | Company News

Abbott to acquire Kos

November 7, 2006 3:04 AM UTC

KOSP gained $26.97 (54%) to $77.06 on Monday after ABT announced plans to acquire the cardiovascular, metabolic and pulmonary company for $78 per share, or about $3.7 billion in cash. The takeout price represents a 56% premium to KOSP's close of $50.09 on Friday. ABT said the acquisition would expand its presence in the lipid management market.

KOSP's marketed products include cholesterol drugs Niaspan extended-release niacin and Advicor extended-release niacin/lovastatin; cardiovascular drugs Teveten eprosartan and Teveten HCT; Cardizem LA diltiazem for hypertension; and Azmacort triamcinolone, an inhaled aerosol corticosteroid for asthma. KOSP's clinical development pipeline includes compounds for cardiovascular disease, hereditary angioedema (HAE), diabetes, liver cirrhosis and asthma. At June 30, KOSP had six-month revenues of $394.5 million. ...