Japanese drugmaker Otsuka Holdings Co Ltd plans to purchase U.S.-based Avanir Pharmaceuticals Inc for about $3.5 billion to expand its neurologic drug portfolio ahead of an expiration of a key drug patent.Otsuka said subsidiary Otsuka Pharmaceutical Co Ltd would pay $17 per share in cash, or a premium of 13.3 percent to Avanir's closing price on Monday.The deal, Otsuka's biggest according to Thomson Reuters data, comes as the company aims to beef up its product pipeline ahead of a so-called "patent cliff" after April 2015, when its U.S. patent for schizophrenia drug Abilify expires and opens the way to generic competition.Its global sales of Abilify totaled 575.7 billion yen ($5 billion) in the last fiscal year, around 40 percent of the total for Otsuka Holdings. The United States is the biggest market for the drug.
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 3154876.
Thomson Reuters Corporation (Thomson Reuters) is a provider of information for the world?s businesses and professionals. Shares of TRI traded higher by 0.86% or $0.34/share to $39.94. In the past year, the shares have traded as low as $33.21 and as high as $40.66. On average, 752416 shares of TRI exchange hands on a given day and today's volume is recorded at 1197193.
Thomson Reuters Corporation (Thomson Reuters) is a provider of information for the world?s businesses and professionals. Shares of TRI fell by 0.75% or $-0.34/share to $45.26. In the past year, the shares have traded as low as $36.86 and as high as $46.50. On average, 713636 shares of TRI.TO exchange hands on a given day and today's volume is recorded at 1173217.
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