Axcan Pharma shareholders OK acquisition by TPG Capital

By Lisa Kerner

Charlotte, N.C., Jan. 25 - Axcan Pharma Inc. shareholders approved the company's acquisition by an affiliate of TPG Capital at a special meeting on Friday.

The plan of arrangement was approved by 99.87% of the votes cast by Axcan shareholders, which is well in excess of the 66 2/3% needed for approval, according to a company news release.

Axcan said of the total outstanding common shares, 80.83% were voted either in person or by proxy.

The transaction is subject to remaining regulatory approvals but is expected to close in the first quarter.

A motion seeking a final order approving the proposed plan of arrangement is set to be heard by the Superior Court of Quebec on Monday.

It was previously reported that the Federal Trade Commission granted early termination of the Hart-Scott-Rodino waiting period in the proposed acquisition.

Axcan agreed to be acquired by TPG and its affiliates in an all-cash transaction valued at some $1.3 billion, or $23.35 per common share.

Axcan is a Mont-Saint-Hilaire, Quebec, specialty pharmaceutical company.

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