Horizon Pharma Agrees to Buy Vidara Sending Shares HigherCaroline Chen
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.