Arbor Pharmaceuticals plans new debt financing for XenoPort purchase

By Sara Rosenberg

New York, May 23 – Arbor Pharmaceuticals LLC has received a commitment for new debt to help fund its acquisition of XenoPort Inc., according to a news release.

Deutsche Bank provided the debt commitment.

Under the agreement, XenoPort is being bought for $7.03 per share in cash, or a total equity value of about $467 million.

Closing is expected in the third quarter, subject to certain customary conditions, including the tender of more than 50% of all outstanding shares of XenoPort and review by the U.S. Government under the Hart-Scott-Rodino (HSR) Antitrust Improvements Act.

Arbor Pharmaceuticals is an Atlanta-based pharmaceutical company currently focused on the cardiovascular, hospital and pediatric markets. XenoPort is a Santa Clara, Calif.-based biopharmaceutical company.

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