Japan-based Hisamitsu Pharmaceutical intends on taking over Noven Pharmaceuticals for approximately $428 million to increase its U.S. presence. The company will pay $16.50 per share, a 22% premium to yesterday’s closing price.
It is expected that Noven will continue as a stand-alone business unit, operating at its current locations in Miami and New York with its existing work force. Its business is focused in three principal areas: transdermal drug delivery, the Novogyne Pharmaceuticals joint venture (between Noven and Novartis), and Noven Therapeutics, the specialty pharmaceutical marketing and sales unit. The company has multiple FDA-approved products for CNS indications like depression, bipolar disorder, and panic attacks as well as for menopausal symptoms and ADHD.
Its lead clinical candidate, Mesafem, is a nonhormonal therapy being studied in Phase II for the treatment of vasomotor symptoms associated with menopause. The firm also has a range of transdermal drug delivery systems in development for women's health, central nervous system disorders, and other therapeutic areas.
“In Noven, we believe we have found the ideal catalyst to accelerate Hisamitsu’s strategic objective of increasing our U.S. presence,” remarks Hirotaka Nakatomi, president of Hisamitsu. “The transaction presents the opportunity to build upon Noven’s impressive capabilities in transdermal drug development, clinical/regulatory affairs, manufacturing, and product commercialization. In addition, we believe products incorporating Noven’s technologies have the potential to supplement Hisamitsu’s development efforts in Japan and elsewhere.”