Shares of Actavis plc ACT surged higher Monday following an announcement that the company will acquire Auden Mckenzie for approximately £306 million in cash.
According to the press release, the company will be acquired on a debt free basis. The deal includes a two-year royalty on a percentage of gross profits of one of Auden Mckenzie's products and excludes Auden Mckenzie's real estate portfolio.
"Auden Mckenzie is one of the leading pharmaceutical companies in the UK, and the opportunity to combine this profitable and growing company into the Actavis UK business demonstrates our commitment to invest in and expand strategically in our global generics business," said Brent Saunders, CEO and President of Actavis.
Actavis recently traded at $282.69, up 1.28 percent.
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