Sciele Pharma terminates agreement to acquire Victory Pharma

Fri. July 10, 2009; Posted: 02:18 PM

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Jul 10, 2009 (Datamonitor Financial Deals Tracker via COMTEX) -- SCRX | Quote | Chart | News | PowerRating -- Sciele Pharma, Inc., a marketer and developer of branded prescription products, has terminated its agreement to acquire Victory Pharma, Inc. due to the occurrence of an unforeseen development that occurred after the agreement was signed.

Victory Pharma is a specialty pharmaceutical company,. Both the companies are based in the US.

Announcement (May 18, 2009):

Sciele Pharma has entered into an agreement to acquire Victory Pharma for $150 million.

The transaction is expected to close in the second quarter of 2009.

Cowen and Company, LLC is acting as financial advisor and Pillsbury Winthrop Shaw Pittman LLP is acting as legal counsel to Victory Pharma. UBS Investment Bank is acting as financial advisor and Paul, Hastings, Janofsky & Walker, LLP is acting as legal counsel to Sciele Pharma.

Deal Value (US$ Million) 150
Deal Type                Acquisition
Sub-Category             Majority Acquisition
Deal Status              Terminated: 2009-07-10

Deal Participants

Target (Company)   Victory Pharma, Inc.
Acquirer (Company) Sciele Pharma, Inc. (formerly First Horizon Pharmaceutical Corp.)

Deal Rationale

The acquisition would allow Sciele Pharma to further diversify its product portfolio and generate additional growth. It also provides an immediate expansion into the pain market for Sciele.

For full details for SCRX click here.

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