Forest Labs said it will pay $95 per share to purchase Furiex. FURX stock closed at $80.15 a share on Friday. By mid-day trading on Monday, FURX stock was trading over $100 per share. Forest Labs will also pay up to another $360 million if the development of Furiex’s irritable bowel syndrome drug meets certain criteria, putting the total value of the deal as high as $1.5 billion, the Associated Press notes.
The Furiex purchase comes as Forest Labs is itself being acquired by Actavis PLC (ACT) for $25 billion in a deal that will close by mid-year. Forest Labs indicated that the Furiex deal was approved by Actavis.
Shares of Forest Labs and Actavis both fell about 1% in Monday mid-day trading.
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