Allergan, Inc. (AGN) announced that it has agreed to acquire 100% of the shares of MAP Pharmaceuticals, Inc. (MAPP) for $25.00 per share. The acquisition is expected to close late in the first quarter or in the second quarter of 2013. Allergan said that the MAP Pharma acquisition enhances its leadership position in Neurology and Migraine Specialty.
Allergan expects to fund the transaction with a combination of cash on hand, cash equivalents and short-term borrowings under its commercial paper program. The per share cash offer price represents a 60% premium over MAP's closing stock price on the Nasdaq Stock Market of $15.58 on January 22, and represents total equity value of about $958 million, on fully-diluted basis.
Assuming this transaction closes as planned, and approval of LEVADEX occurs on or before the PDUFA date of April 15, Allergan anticipates that MAP Pharma transaction will be dilutive to 2013 earnings per share by about $0.07 and accretive to earnings per share by the second half of 2014.
Allergan now expects that, excluding this transaction, 2013 earnings per share growth expectations will fall within our mid-teens growth aspiration.
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