APP Pharmaceuticals, Inc., formerly traded on the NASDAQ Capital Market
under the symbol APPX, today announced that Fresenius Kabi, a business
segment of Fresenius SE, has completed its acquisition of APP. The
official close date is September 10, 2008.
Fresenius Kabi has stated that the acquisition is an important step in
its growth strategy. Through APP, Fresenius Kabi enters the U.S.
pharmaceuticals market and achieves a leading position in the global
I.V. generics industry.
Dr. Ulf Mark Schneider, Chairman of the Management Board of Fresenius
SE, said: “We are pleased to be able to
complete this major transaction in a very short time. Now we are focused
on successfully integrating APP and further developing the business.
Fresenius and APP share a deep commitment to highest-quality products
and medical excellence.”
"For the past ten years APP has provided injectable pharmaceutical
products of the highest quality to patients in the acute care setting,”
said Patrick Soon-Shiong, M.D., founder of APP and former Chairman of
the Board. “The company has achieved
significant and consistent growth over that time and earned a well
deserved reputation for quality, dedication to patient care, innovation
and reliability. Our success is a tribute to the hard work and
commitment of our employees and partners and we are grateful for their
many efforts and support over the years.
"By joining forces with Fresenius Kabi we have a unique opportunity to
bring together two successful businesses, with complementary
philosophies, cultures and business models,”
continued Soon-Shiong. “The combined expertise
and expanded infrastructure will help to ensure that we can realize our
commitment to patient care on a global basis. We look forward to working
closely with Fresenius as we aim to achieve our respective growth
strategies."
Dr. Soon-Shiong noted that APP will operate as the North American
platform for Fresenius Kabi and its products will continue to be sold
under the “APP Pharmaceuticals”
brand name. Additionally, he will become a member of the Fresenius Kabi
Board of Directors.
The closing follows completion of the U.S. Federal Trade Commission’s
(FTC) review of the acquisition. The FTC granted early termination of
the waiting period under the Hart-Scott-Rodino Act without conditions.
Earlier, German antitrust authorities had also approved the transaction.
Fresenius Kabi announced the agreement to acquire Schaumburg,
Illinois-based APP Pharmaceuticals, Inc., on July 7, 2008.
