Jazz Pharmaceuticals Buys Celator For $1.5B

Jun 01, 2016

Jazz Pharmaceuticals entered into a definitive agreement to acquire Celator Pharmaceuticals Inc. for $30.25 per share in cash, or approximately $1.5 billion. The transaction would add VYXEOS, an investigational product in development as a treatment for Acute Myeloid Leukemia (AML), to the company's portfolio.

"Celator Pharmaceuticals is a strong strategic fit with Jazz Pharmaceuticals. VYXEOS will further diversify our product portfolio and is complementary to our clinical and commercial expertise in hematology/oncology," said Bruce Cozadd, chairman and chief executive officer of Jazz Pharmaceuticals plc. "As Celator is currently preparing a regulatory submission in the U.S. for VYXEOS, this acquisition would add a new orphan product with the potential for short- and long-term revenue generation and expansion of our international commercial platform."

Certain stockholders of Celator holding approximately 18.4 percent of Celator's outstanding shares of common stock, including executive officers, members of the Celator board of directors and certain investment funds affiliated with the members of the board of directors, have agreed to tender their shares in the tender offer. The transaction is expected to close in the third quarter of 2016.

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