Horizon Pharma Stockholders Approve Purchase Of Vidara

(RTTNews) - Horizon Pharma Inc (HZNP) said Thursday its stockholders approved its acquisition of Vidara Therapeutics International plc.

In March, Horizon agreed to buy Vidara through a reverse merger for stock and cash valued at about $660 million.

Vidara is a privately-held, profitable specialty pharmaceutical company with operations in Dublin, Ireland and the U.S.

The combined company will be called Horizon Pharma Plc. It will be organized under the laws of Ireland with a portfolio of four products marketed primarily in the U.S.

Around 74 percent of Horizon Pharma Plc's ordinary shares will be exchanged for Horizon Pharma Inc's common shares. The shareholders of Vidara will retain around 26 percent of Horizon Pharma Plc and receive $200 million in cash.

The deal is expected to accelerate the transformation of Horizon to a profitable specialty pharma company.

It expects expanded revenue base including Horizon Pharma's DUEXIS, VIMOVO and RAYOS marketed in the U.S., Vidara's ACTIMMUNE marketed in the U.S. and Horizon's LODOTRA marketed outside the U.S.

Expected pro forma combined full year 2014 revenues are in the range of $250 million to $265 million and adjusted Earnings Before Interest, Tax, Depreciation and Amortization or EBITDA are estimated to range from $65 million to $75 million.