Forest Laboratories/Clinical Data
On February 22, 2011, Forest Laboratories, Inc. (NYSE: FRX) and Clinical Data, Inc. (Nasdaq: CLDA), announced that they have entered into an agreement whereby Forest will acquire all outstanding shares of Clinical Data for $30.00 per share in cash plus contingent consideration of up to $6.00 per share that may be paid upon achievement of certain commercial milestones related to Viibryd.
Total consideration on the deal is $1.2 billion.
Closing is expected in Q211. Forest plans to launch Viibryd in the U.S. during H211.
The transaction is expected to be dilutive, net of synergies, to Forest's earnings per share for the next three fiscal years, with earnings per share dilution in the range of ($0.55) to ($0.65) in FY12.
Morgan Stanley is acting as financial advisor to Forest and Covington & Burling LLP is acting as legal counsel. J.P. Morgan Securities LLC is acting as financial advisor to Clinical Data and Cooley LLP is acting as legal counsel.
Total consideration on the deal is $1.2 billion.
Closing is expected in Q211. Forest plans to launch Viibryd in the U.S. during H211.
The transaction is expected to be dilutive, net of synergies, to Forest's earnings per share for the next three fiscal years, with earnings per share dilution in the range of ($0.55) to ($0.65) in FY12.
Morgan Stanley is acting as financial advisor to Forest and Covington & Burling LLP is acting as legal counsel. J.P. Morgan Securities LLC is acting as financial advisor to Clinical Data and Cooley LLP is acting as legal counsel.
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Forest (FRX) Reports Successful Tender for Clinical Data (CLDA)
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Forest Labs (FRX) Extends Deadline for Acquisition of Clinical Data (CLDA); Amends Merger Agreement
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Forest (FRX) Commences Tender for Clinical Data (CLDA)
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Needham & Company Maintains a 'Hold' on Forest Laboratories (FRX); Clinical Data Deal Brings Solid SSRI Entrant Viibryd Though “Too Little Too Late” & Undifferentiated Profile Concerns
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Wedbush Downgrades Clinical Data (CLDA) to Neutral; Forest Buying CLDA for $30 Plus CVR,
