Jazz completes purchase of EUSA Pharma
Jazz Pharmaceuticals has completed its acquisition of EUSA Pharma.
EUSA Pharma has been acquired by Jazz Pharmaceuticals, following business discussions between the two brands.
This transaction has boosted Jazz's product portfolio by adding acute lymphoblastic leukemia treatment Erwinaze to its holdings.
Jazz paid $680 million (£438.31 million) in cash for the firm, with an additional £50 million milestone payment to be received it Erwinaze achieves a pre-determined sales target during 2013.
The base price of EUSA Pharma is $650 million but Jazz added the additional $30 million to cover adjustments for EUSA's cash, working capital and certain liabilities.
Jazz has also produced a $100 million revolving credit scheme and now offers a wide portfolio of critical care and oncology products in countries outside of the US by leveraging the marketing and international sales capabilities of EUSA.
"We are also pleased to bring new talent to the company from EUSA Pharma to help us pursue our goals as a specialty biopharmaceutical company," Jazz chairman and chief executive officer Bruze Cozzadd declared.
He had previously argued there is a "strong fit" between the products, values and people within the two brands.
Posted by Edel Quinn
Source: Jazz Pharmaceuticals press release, June 12th