Healthcare Business Recap: Physicians Formula’s OFFER, Perrigo & Teva SUED
The cosmetics and skin care firm Physicians Formula Holdings, Inc. (NASDAQ:FACE) announces that it has received a $73.1 million acquisition offer from an unnamed party. The bid is just three weeks after the firm agreed to be taken private by private equity firm Swander Pace Capital for approximately $65 million. The new offer represents $4.90 a share, which marks a 33 percent bonus to its closing price on August 14, and is 15 percent higher than Swander Pace’s bid of $4.25 per share offer announced on August 15th.
Perrigo Company (NASDAQ:PRGO) has filed an Abbreviated New Drug Application with the FDA for albuterol sulfate HFA inhalation aerosol, which is a generic version of Teva Pharmaceutical Industries Limited’s (NYSE:TEVA) ProAir HFA. The filing involves contributions from both Perrigo and Catalent Pharma Solutions, who joined on the development. However, Teva claims that the application violates its patent on the drug, and on Wednesday it brought a lawsuit against both firms in United States District Court claiming patent infringement.
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