Hisamitsu begins subsequent offer for Noven Pharmaceuticals

By Lisa Kerner

Charlotte, N.C., Aug. 20 - Hisamitsu Pharmaceutical Co., Inc. and its subsidiary, Northstar Merger Sub, Inc., began a subsequent offering period for the remaining shares of Noven Pharmaceuticals, Inc. common stock.

The subsequent offering period will end on Aug. 26.

Northstar's original $16.50-per-share offer for Noven's shares ended on Wednesday.

Noven shareholders tendered approximately 21.94 million shares, or 87.41%, of the company's outstanding stock, according to a Hisamitsu news release.

Hisamitsu said it will merge Northstar Merger with and into Noven once the subsequent offer is completed.

Noven, based in Miami, will remain the surviving corporation and will operate as a wholly owned subsidiary of Hisamitsu U.S., Inc.

In July, Noven agreed to be acquired by Hisamitsu, a Tosu, Japan-based company, for $428 million in cash.

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