VPHM/LEVP: ViroPharma To Acquire Lev Pharmaceuticals
Submitted By Knobias ClipReport
By Fain Hughes, fhughes@knobias.com
ViroPharma Incorporated (VPHM) and Lev Pharmaceuticals, Inc. (LEVP) have signed a definitive merger agreement under which ViroPharma will acquire Lev for $442.9 million of upfront consideration, or $2.75 per Lev share, comprised of $2.25 per share in cash and $0.50 per share in ViroPharma common stock (subject to a collar). Contingent consideration of up to $1.00 per share may be paid on achievement of certain regulatory and commercial milestones. The transaction with a potential net aggregate value of up to $617.5 million has been unanimously approved by the boards of directors of both companies. The companies expect the transaction to be completed by the end of 2008. In addition, concurrently with the execution of the merger agreement, ViroPharma purchased $20 million of Lev common stock.
