Endo, NuPathe merger agreement terminated
MALVERN, Pa. — Endo Health Solutions on Tuesday announced that NuPathe has terminated its merger agreement. Endo received a $5 million termination fee from NuPathe.
"We believe that the agreement NuPathe has signed with Teva is positive news for NuPathe stockholders and as a result we accepted the termination fee and are now proceeding to withdraw our tender offer," Rajiv De Silva, president and CEO of Endo, said. "We believe our offer represented fair value for NuPathe. We will remain disciplined in our approach to M&A and will look to deploy capital on other opportunities to create value for our shareholders."
Yankee Candle offers an Exotic Escape
SOUTH DEERFIELD, Mass. — Yankee Candle Company, a manufacturer of scented candles, announced the introduction of five new fragrances to its lineup. The Exotic Escapes collection — now available at Yankee Candle stores, YankeeCandle.com and specialty retailers — seeks to take consumers away for a tropical excursion, the company said.
"All of our fragrances can evoke another time and place, and we wanted to highlight that characteristic with this new line," Hope Margala Klein, executive vice president brand, design and innovation for The Yankee Candle Company, Inc., said. "With this collection launching when our customers need an escape from the winter doldrums, our Exotic Escape sweepstakes serves as an extra welcome treat."
The five fragrances include Ocean Star, Citrus Tango, Luau Party, Under the Palms and Exotic Bloom.
Yankee Candle also is launching an Exotic Escape sweepstakes, which will launch Jan. 21 and run through March 16. The grand prize winner will receive two round-trip tickets and hotel accommodations for five days and four nights on Grand Cayman Island, as well as a cash prize of $2,000 and a $500 Yankee Candle gift certificate.
Par to acquire JHP
WOODCLIFF LAKE, N.J. — Par Pharmaceuticals Cos. on Tuesday announced that it entered into an agreement to acquire JHP Group Holdings, parent company of JHP Pharmaceuticals.
JHP is a specialty pharmaceutical company that develops, manufactures and markets branded and generic sterile injectable products. It currently markets a portfolio of 14 specialty injectable products, such as Aplisol and Adrenalin.
"The acquisition of JHP immediately expands Par’s presence into the rapidly growing market for injectables. With their high-barrier-to-entry products, JHP represents a perfect complement to Par’s strategy and product line. JHP’s well-respected and experienced management team has built a company with an unparalleled reputation for high-quality products and an impeccable record of regulatory compliance, which has driven their steady revenue growth. We look forward to working with them to grow our combined company," Paul V. Campanelli, CEO Par Pharmaceutical Companies, said.
JHP will become a wholly-owned subsidiary of Par upon closing. Par expects to complete the transaction in the first quarter 2014. Further details regarding the transaction will be included in Par’s 8-K filing.