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GEN News Highlights : Nov 20, 2006

Actelion Purchases CoTherix for $420M

The deal will include Ventavis, an inhaled, pulmonary arterial hypertension therapy.

Actelion entered into a definitive agreement to acquire CoTherix. CoTherix currently markets Ventavis® (iloprost), an approved inhaled therapy for the treatment of pulmonary arterial hypertension in the U.S.

The transaction has been approved unanimously by the boards of directors of both companies. Actelion will commence a cash tender offer of $13.50 per share of CoTherix, for a total acquisition price of approximately $420 million. This represents an approximate premium of 21% over CoTherix's closing price of $11.20 on November 17, 2006. The transaction is expected to be completed early in Q1 2007.

In 2007, Actelion expects Ventavis sales to contribute more than $100 million  to product revenues. Actelion expects the transaction to be accretive to cash earnings in 2007 as a result of synergies.
“We expect that the transaction will generate immediate substantial value, adding top-line revenue and bottom-line cash earnings by leveraging our existing marketing and sales infrastructure in the United States and expanding the reach of Ventavis" Jean-Paul Clozel, M.D., CEO of Actelion, commented.