March 19 (Bloomberg) -- Horizon Pharma Inc., maker of treatments for arthritis, pain and inflammatory diseases, agreed to purchase Ireland’s Vidara Therapeutics International Ltd. for about $660 million, sending shares to their highest value ever.
The combined company, to be renamed Horizon Pharma Plc, will be based in Ireland to provide a “tax-efficient corporate structure,” Deerfield, Illinois-based Horizon said in a statement today. The new company’s tax rate is expected to be a percentage in the low 20s or less, compared with a rate in the high 30s for Horizon as a stand-alone entity, according to a regulatory filing.
Vidara, a closely held company based in Dublin, markets Actimmune, a treatment for chronic granulomatous disease, a genetic disorder which affects the immune system, and severe osteopetrosis, a bone disease. Horizon forecast 2014 revenue for the new company to be $250 million to $265 million.
Horizon jumped 9.1 percent to $16.02 at 4 p.m. New York time, its highest closing price since the company first sold shares in July 2011.
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