(Source: Business Wire)
Sepracor Inc. ("Sepracor", NASDAQ: SEPR) today announces that the
waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of
1976, as amended (the "HSR Act"), applicable to the acquisition of
Sepracor by Dainippon Sumitomo Pharma Co., Ltd. ("DSP", TSE: 4506)
through a cash tender offer of $23.00 per share expired as of 11:59 PM,
New York City time, on September 23, 2009 with no action by either the
Federal Trade Commission or the U.S. Department of Justice.
The expiration of the waiting period under the HSR Act satisfies one of
the conditions necessary for the consummation of the tender offer. The
tender offer is scheduled to expire at 12:00 midnight, New York City
time, at the end of Tuesday, October 13, 2009, unless the tender offer
is extended.
The closing of the tender offer is subject to other customary closing
conditions described in the agreement and plan of merger dated September
3, 2009, by and among DSP, Aptiom, Inc. (a wholly-owned indirect
subsidiary of DSP) and Sepracor, including the tender of a number of
shares that constitutes at least a majority of Sepracor's outstanding
shares of common stock (on a fully diluted basis as further described in
the definitive agreement).
About Sepracor
Sepracor is a fully integrated specialty pharmaceutical company
dedicated to treating and preventing human disease by discovering,
developing and commercializing innovative pharmaceutical products that
are directed toward serving large and growing markets and unmet medical
needs. Sepracor's drug development, corporate development, and licensing
efforts have yielded a portfolio of pharmaceutical products and
candidates with a focus on respiratory and central nervous system
disorders. Sepracor's currently marketed products in the U.S. include
LUNESTA® brand eszopiclone, XOPENEX® brand
levalbuterol HCl Inhalation Solution, XOPENEX HFA® brand
levalbuterol tartrate Inhalation Aerosol, BROVANA® brand
arformoterol tartrate Inhalation Solution, OMNARIS® brand
ciclesonide Nasal Spray and ALVESCO® brand ciclesonide HFA
Inhalation Aerosol. Sepracor's wholly-owned subsidiary, Sepracor
Pharmaceuticals, Inc., markets several additional products in Canada
that are focused in the cardiovascular, central nervous system, pain and
infectious disease therapeutic areas. Sepracor has approximately 2,100
employees worldwide. Additional information about Sepracor is available
through its corporate web site at http://www.sepracor.com.
Forward-Looking Statement
This announcement contains forward-looking statements that involve
significant risks and uncertainties.
