- Forest is acquiring the Mass-based drug maker for $1.2 billion. Clinical Data shares have dropped over 8% today.
- The company is making the bid for Clinical Data to acquire its antidepressant Viibryd, which was just approved by the FDA.
- Forest has been on a search for an antidepressant to replace its blockbuster drug Lexapro, which accounts for 56% of the company’s sales. Lexapro loses its patent protection in 2012.
- Forest is paying $30 per share for Clinical Data and will pay an extra $6 per share if sales of Viibryd reach certain goals.
- David Amsellem, an analyst at Piper Jaffray, said in a research note today that he does not expect Viibryd sales to approach Lexapro numbers. Forest will be making major investments in marketing and sales for the launch of Viibryd.
- Clinical Data reported a third-quarter loss of $5.2 million.
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