Endo Completes Acquisition of Paladin Labs
DUBLIN, Feb. 28, 2014
DUBLIN, Feb. 28, 2014 /PRNewswire/ --
*Accretive transaction accelerates Endo's transformation into a leading
specialty healthcare company
*Creates a compelling financial and operational platform for future growth
*Establishes Endo's global pharmaceuticals footprint
*Endo Health Solutions Inc.becomes Endo International plc
Endo International plc (Nasdaq: ENDP; TSX: ENL), formerly Endo Health
Solutions Inc., announced today that it has completed the acquisition of
Paladin Labs Inc. in a stock and cash transaction currently valued at
approximately $2.7 billion. The acquisition accelerates Endo's strategic
transformation into a leading global specialty healthcare company and creates
a platform for future growth in North America and around the globe.
In connection with the acquisition, Endo and Paladin Labs have been combined
under a new company incorporated in Ireland named Endo International plc.
Shares of Endo International plc will trade on NASDAQ under the ticker symbol
ENDP and the Toronto Stock Exchange under the ticker symbol ENL.
Under the terms of the transaction, Paladin Labs shareholders received 1.6331
shares of Endo International plc stock and $1.16 (CAD) in cash for each
Paladin Labs share they owned upon closing. In addition, for each Paladin Labs
share owned at closing, shareholders of Paladin Labs received one share of
Knight Therapeutics Inc., ("Knight Therapeutics") a newly formed Canadian
company that has been separated as part of the transaction. Shareholders of
Endo Health Solutions received one share of Endo International plc for each
share of Endo Health Solutions Inc. they owned upon closing.
"The combination of Endo and Paladin Labs accelerates Endo's transformation
into a leading global specialty healthcare company and establishes a platform
for additional strategic acquisitions," said Rajiv De Silva, president and
chief executive officer of Endo. "Endo will continue with a sharp strategic
focus, lean operating model and improved execution of core businesses.
Strategic acquisitions will also continue to play a key role in maximizing our
growth potential and creating value for Endo International shareholders."
Endo International plc is a global specialty healthcare company focused on
improving patients' lives while creating shareholder value. Endo develops,
manufactures, markets, and distributes quality branded pharmaceutical, generic
and device products through its operating companies. Endo has global
headquarters in Dublin, Ireland and US headquarters in Malvern, PA. Learn
more at www.endo.com .
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the Private Securities Litigation Reform Act of 1995. Statements including
words such as "believes," "expects," "anticipates," "intends," "estimates,"
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these forward-looking statements involve risks and uncertainties. Investors
should note that many factors, as more fully described under the caption "Risk
Factors" in our Form 10-K, Form 10-Q and Form 8-K filings with the Securities
and Exchange Commission and as otherwise enumerated herein or therein, could
affect our future financial results and could cause our actual results to
differ materially from those expressed in forward-looking statements contained
in our Annual Report on Form 10-K. The forward-looking statements in this
press release are qualified by these risk factors. These are factors that,
individually or in the aggregate, could cause our actual results to differ
materially from expected and historical results. We assume no obligation to
publicly update any forward-looking statements, whether as a result of new
information, future developments or otherwise.
Contact: Investors/Media: Blaine Davis, +1-484-216-7158, Investors: Jonathan
Neely, +1-484-216-6645, Media: Brian O'Donnell, +1-484-216-6726
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