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Wednesday, January 8, 2014

Forest Labs to purchase private peer Aptalis for $2.9 bln, (NYSE: FRX)

Forest Laboratories Inc said it would purchase privately held specialty pharmaceutical company Aptalis for about $2.9 billion to gain access to Aptalis's gastrointestinal and lung drugs. The deal, which will require clearance from U.S. and Canadian antitrust authorities, is expected to add about 78 cents per share to Forest's 2015 adjusted earnings.

Forest Laboratories, Inc. (Forest) develops, manufactures and sells branded forms of ethical drug products, which requires a physician's prescription. Shares of FRX traded higher by 0.5% or $0.29/share to $58.76. In the past year, the shares have traded as low as $35.22 and as high as $60.29. On average, 1847090 shares of FRX exchange hands on a given day and today's volume is recorded at 2726458.