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07
Jul

Fresenius to Acquire APP Pharmaceuticals in Schaumburg, Ill. For $3.7 Billion

Author: Adam Fendelman, Category: Business

SCHAUMBURG, Ill. – German health services company Fresenius announced on Monday it will acquire APP Pharmaceuticals in a $3.7 billion buyout.

Schaumburg, Ill.-based APP specializes in manufacturing and marketing injectable pharmaceutical products. The firm employs some 1,400 people in the United States, Canada and Puerto Rico. If completed, the deal would give Fresenius (which is already operating across Europe) a strong presence in the world’s largest drug market.

Under the terms of the deal, Fresenius will pay $23 in cash per share for outstanding APP common stock. An additional $6 per share could be added depending on company performance in 2008.

“The combined company will allow for the rapid globalization of APP’s portfolio with the same high levels of quality and patient commitment for which we have become known,” APP founder Patrick Soon-Shiong said in a Monday statement.

By Megan O’Neil