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.