Hisamitsu Pharmaceutical Co. completed its $428 million purchase of Miami-based Noven Pharmaceutical, the companies said Friday.
Hisamitsu agreed to buy Noven on July 14 for $16.50 per share, which was a 22.4 percent premium to the most recent closing price for Noven stock.
Noven is now a wholly owned subsidiary of Hisamitsu U.S. It will keep its name, work force and current locations and remain a stand-alone unit. Noven shares will no longer trade on the Nasdaq Stock Market after Friday.
Noven's products include Vivelle-Dot estrogen patch, which is sold through a partnership with Novartis AG, and Daytrana, an attention deficit hyperactivity disorder patch licensed to Shire PLC.
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