By Lisa Kerner
Charlotte, N.C., Oct. 30 - Bradley Pharmaceuticals, Inc. agreed to be acquired by Nycomed US Inc. for $20 per share. The transaction implies a fully diluted equity value for Bradley of $346 million, a company news release stated.
The per-share price is a 25% premium over Bradley's closing price on Oct. 29.
Bradley's board announced it would consider strategic alternatives in May.
The transaction, subject to shareholder approval, is slated to close in the first quarter of 2008.
Bradley's special committee was advised by Deutsche Bank Securities Inc., and Nycomed was advised by Morgan Stanley.
"The acquisition of Bradley provides us with a unique opportunity to strengthen our dermatology expertise in the United States with successful products and capabilities that match ours perfectly," Nycomed chief executive officer Hakan Bjorklund said in the release.
"The acquisition enables us to gain critical mass in the dermatology market and provides significant momentum for further add-on investments."
Nycomed US is a subsidiary of privately owned pharmaceutical company Nycomed SCA, SICAR, which is based in Zurich.
Bradley is a Fairfield, N.J.-based pharmaceutical company.
| Acquirer: | Nycomed US Inc.
|
| Target: | Bradley Pharmaceuticals, Inc.
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| Transaction value: | $346 million
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| Price per share: | $20
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| Announcement date: | Oct. 30
|
| Expected closing: | First quarter of 2008
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| Stock price of target: | NYSE: BDY: $16 on Oct. 29
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