Bad Homburg, Germany-based Fresenius said Monday it would pay $23 per share to acquire APP, a 29% premium to APP's Thursday close and valuing the share capital at $3.7 billion. Should the target meet unreleased Ebitda goals from 2008 to 2010, shareholders will receive a bonus of up to $6 per share, resulting in a possible 63% premium. The German group also agreed to absorb $940 million in APP debt.
Fresenius is the world's biggest dialysis company and already relies on the U.S. for the bulk of its sales. It has been expanding into related drugs areas recently, buying several European intravenous drug companies including Portugal's Laboratório de Especialidades Farmacêuticas Almiro SA three years ago.
Despite making it across the Atlantic with its dialysis business through the $3.5 billion purchase of Renal Care Group four years it ago, its other segments have yet to make the leap into the world's biggest pharmaceuticals market. -
Andrew BulkeleySee the full story on
TheDeal.com
