Shionogi begins subsequent offering period for Sciele Pharma

By Lisa Kerner

Charlotte, N.C., Oct. 6 - Shionogi & Co., Ltd. subsidiary Tall Bridge, Inc. accepted for payment approximately 27,134,821 shares of Sciele Pharma, Inc. in the tender offer ended Oct. 3.

The figure represents 85.44% of Sciele's shares outstanding and excludes shares tendered through notices of guaranteed delivery, according to a Sciele news release.

Shionogi, an Osaka, Japan, pharmaceutical manufacturer, said it began a subsequent offering period for all remaining shares of Sciele common stock at the same $31-per-share consideration.

The subsequent offering period ends at 5 p.m. ET on Oct. 8.

In September, Shionogi announced it would acquire Sciele, an Atlanta pharmaceutical company, for $31 per share in a bid to expand its presence in the U.S. market.

The estimated total equity purchase price is $1.1 billion, it was previously reported.

Sciele, an Atlanta pharmaceutical company, will become a wholly owned subsidiary of Shionogi and will continue as a standalone business unit, according to a prior Sciele news release.

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