Belgian company, Solvay, says that it has finalised the terms of its purchase of privately-owned French firm, Fournier Pharma, and will now be paying 1.2 billion euros in cash instead of the 1.3 billion euros agreed earlier this year [[24/03/05a]].
However, Solvay said that additional payments linked to the future developments of Fournier’s business could top 415 million euros, up from the previously announced 300 million euros.
“The total potential consideration for the transaction remains close to the previously announced figure of about 1.6 billion euros,” Solvay said in a statement. The company added that the deal is just awaiting approval from the European regulators and some national competition authorities, and is still expected to be finalised later this summer.
Key to the merger is Solvay’s aim to accelerate both the growth and profitability of its pharmaceuticals business, and the Belgian company is particularly keen about the prospects of Fournier’s fenofibrate cholesterol lowering agent, which is sold under the brand name of TriCor in the US. The latter firm’s partner, Abbott, recently indicated that full-year 2005 sales of TriCor would approach $1 billion dollars.