Horizon Pharma To Pay 21% Premium To Buy Raptor Pharmaceutical

By Tomi KilgoreMarketsMarketWatch Pulse

Horizon Pharma PLC announced Monday a deal to buy Raptor Pharmaceutical Corp. in cash deal valued at about $800 million. Under terms of the agreement, Horizon will pay $9 in cash for each Raptor share outstanding, representing a 21% premium to Friday's closing price of $7.45. "The proposed acquisition of Raptor furthers our commitment to helping people with rare diseases and is a significant step in advancing our strategy to expand our rare disease business," said Horizon Chief Executive Timothy Walbert. Raptor's stock, which is still inactive in premarket trade, has soared 43% year to date, while Horizon shares have fallen 20% and the S&P 500 has gained 4.1%.

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