KKR & Co LP has agreed to acquire a significant minority stake in Arbor Pharmaceuticals LLC, in a deal that values the privately held specialty drugmaker at more than $1 billion, including debt, people familiar with the matter said on Thursday. KKR, a New York-based private equity firm, will own more than a quarter of Arbor Pharmaceuticals under the terms of the deal, the people said, asking not to be identified ahead of an official announcement.KKR declined to comment. An Arbor Pharmaceuticals spokesman did not immediately respond to a request for comment.Based in Atlanta, Georgia, Arbor makes mainly branded prescription drugs for the pediatric, hospital and cardiovascular markets. It offers 16 products and has more than 40 in development, according to its website.Reuters reported in October that Arbor was working with investment bank JPMorgan Chase & Co on strategic alternatives, including a possible sale.
JPMorgan Chase & Co. (JPMorgan Chase) is a financial holding company. Shares of JPM fell by 0.26% or $-0.16/share to $61.38. In the past year, the shares have traded as low as $52.97 and as high as $61.93. On average, 14199400 shares of JPM exchange hands on a given day and today's volume is recorded at 11517268.
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