Notable Mergers and Acquisitions of the Day: CSCO, BWY/BLL, RODM/BMRN
- Cisco (NASDAQ: CSCO) announced its intent to acquire privately held ScanSafe, Inc. Based in London and San Francisco, ScanSafe is a market leader of software-as-a-service (SaaS) Web security solutions for organizations ranging from global enterprises to small businesses.
Under the terms of the agreement, Cisco will pay approximately $183 million in cash and retention-based incentives. The acquisition is subject to various standard closing conditions and is expected to close in the second quarter of Cisco's fiscal year 2010.
- BWAY Corporation, the principal operating subsidiary of BWAY Holding Company (NYSE: BWY) today reported that it has completed the previously announced acquisition of the assets, and certain liabilities, of Ball Corporation's (NYSE: BLL) plastic packaging plant and business located outside of Atlanta in Newnan, GA. The facility produces injection molded plastic pails and certain other products. The Company paid approximately $32.0 million for the acquisition, and funded the transaction using cash on hand.
- Rodman & Renshaw Capital Group, Inc. (NASDAQ: RODM) announced today that its affiliate, Aceras BioMedical LLC, has sold Huxley Pharmaceuticals Inc. to BioMarin Pharmaceutical Inc. (NASDAQ: BMRN). Huxley was established by Aceras in August 2008 with a focus on developing therapeutic products for rare diseases of the nervous system.
Under the terms of the agreement, BioMarin paid Huxley stockholders $15.0 million. An additional $7.5 million is payable upon the achievement of regulatory milestones. Further, Huxley stockholders may also receive up to an additional $36 million in milestone payments if certain annual, cumulative sales and U.S. development milestones are met. Aceras owned 95% of Huxley's stock at the time of the transaction.
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