Abbott Laboratories has purchased a majority of Kos Pharmaceuticals’ outstanding shares and intends to offer $78 per remaining share. The transaction came after Abbott’s initial offer expired on December 12, 2006, and the company decided not to extend it.
Abbott reports that it now owns about 91.4% of Kos' outstanding common stock. In November, Abbott offered to buy Kos for $3.7 billion to expand its presence in the lipid management market, provide several on-market products, and strengthen its late-stage pipeline, says Miles D. White, chairman and CEO. The cash tender offer was for $78 per share, a 56% premium over Kos’ closing price the day before.