Nycomed to acquire control of Bradley
FAIRFIELD, N.J. Nycomed US has entered in a merger agreement with Bradley Pharmaceuticals in which Nycomed will gain control of the company after offering $20 per share in cash, a 25 percent increase over Bradley’s closing price on Oct. 29.
Holders of a majority of the outstanding shares of Bradley’s common stock and Class B common stock, voting together as one class, condition the transaction on receipt of approval. The transaction is also subject to certain regulatory approvals and other customary closing conditions. There is no financing condition, and the obligations of Nycomed US are guaranteed by Nycomed S.C.A., SICAR. The transaction is expected to be completed in the first quarter of 2008.
“The acquisition of Bradley provides us with a unique opportunity to strengthen our dermatology expertise in the US with successful products and capabilities that match ours perfectly,” Hakan Bjorklund, chief executive officer of Nycomed, said. “The acquisition enables us to gain critical mass in the dermatology market and provides significant momentum for further add-on investments.”