Otsuka Pharmaceutical Co Ltd, a unit of Japan's Otsuka Holdings Co Ltd, said it would purchase U.S.-based Avanir Pharmaceuticals Inc for about $3.5 billion to expand its neurologic drug portfolio.Otsuka Pharmaceutical Co Ltd will pay $17 per share in cash, representing a premium of 13.3 percent to Avanir's close on Monday.Otsuka's deal comes as it faces imminent expiration of its patent for schizophrenia drug Abilify in April 2015.Otsuka will launch a tender offer within 10 business days to purchase all outstanding shares of Avanir, Avanir said.
AVANIR Pharmaceuticals, Inc. (AVANIR) is a pharmaceutical company focused on developing and commercializing therapeutic products for the treatment of central nervous system disorders. Shares of AVNR traded higher by 0.54% or $0.08/share to $15.00. In the past year, the shares have traded as low as $2.62 and as high as $15.34. On average, 6152350 shares of AVNR exchange hands on a given day and today's volume is recorded at 3098228.
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