End of waiting period moves ViroPharma, Lev Pharmaceuticals merger closer to completion

By Lisa Kerner

Charlotte, N.C., Sept. 3 - The proposed merger of ViroPharma Inc. and Lev Pharmaceuticals, Inc. has cleared the required waiting period under the Hart-Scott-Rodino Antitrust Improvements Act.

ViroPharma, an Exton, Pa., biopharmaceutical company, said its acquisition of Lev is expected to close by the end of the year, subject to approval by Lev stockholders.

In July it was announced that ViroPharma would acquire Lev in a stock and cash transaction with an initial value of $442.9 million, or $2.75 per Lev share.

Lev shareholders would receive $2.25 per share in cash and $0.50 per share in ViroPharma common stock, subject to a collar.

It was previously reported that Lev shareholders will receive the non-transferable contractual right to two contingent payments (CVR payments) of $0.50 each that could deliver up to an additional $174.6 million, or $1.00 per share in cash, if the company meets certain targets related to Lev's orphan drug Cinryze.

The potential net total value of the deal is $617.5 million.

Lev is a New York development-stage biopharmaceutical company.

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