Avanir Pharma To Be Acquired By Otsuka For $3.5 Bln - Quick Facts

(RTTNews) - Avanir Pharmaceuticals, Inc. (AVNR) Tuesday said it has entered into a definitive agreement with Otsuka Pharmaceutical Co., Ltd. for Otsuka to acquire Avanir for $17.00 per share in cash.

The transaction, which values Avanir at approximately $3.5 billion, has been unanimously approved by the boards of directors of both companies.

Otsuka will launch a tender offer within ten business days to purchase all outstanding shares of Avanir.

The closing of the tender offer will be subject to the tender of a majority of Avanir's shares outstanding and some other customary closing conditions. The transaction is expected to close in the first quarter of 2015.

Upon close of the transaction, Avanir will continue to operate under its current structure as an independent subsidiary of Otsuka America, Inc.

Avanir will partner with Otsuka in the U.S. to further enhance its development and commercialization efforts in CNS-related disorders.

Centerview Partners LLC is serving as financial advisor and Latham & Watkins, LLP is serving as lead legal advisor for Avanir.