MONTREAL, QUEBEC--(Marketwired - Feb. 28, 2014) -
THIS MEDIA RELEASE IS NOT FOR DISTRIBUTION TO THE UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Paladin Labs Inc. (TSX:PLB) ("Paladin" or the "Corporation"), a leading Canadian specialty pharmaceutical company, is pleased to announce the completion of the indirect acquisition by Endo International plc ("New Endo") of all of the outstanding shares of the Corporation (the "Arrangement"). Under the terms of the Arrangement, Endo Health Solutions Inc. ("Endo") and Paladin have been combined under New Endo.
Paladin shareholders will receive (i) 1.6331 shares of New Endo, (ii) CDN$1.16 cash and (iii) one share of Knight Therapeutics Inc. ("Knight"), a newly formed Canadian company, for each Paladin share they owned upon closing.
Shares of Knight will trade on the TSX Venture Exchange under the ticker symbol GUD. Shares of New Endo will trade on NASDAQ under the ticker symbol ENDP and the Toronto Stock Exchange under the ticker symbol ENL. Trading in New Endo and Knight shares is expected to commence on Monday, March 3, 2014.
"I am thrilled to have led the outstanding Paladin team for almost the last two decades to such a rewarding outcome," said Jonathan Ross Goodman, Chairman of Paladin. "I look forward to leading Knight and building a team of excellence that will be as rewarding for all."
Mark Beaudet, Interim CEO of Paladin added, "I would like to thank the management team, employees and directors of Paladin for their dedication to growing our business. The value attributed to the Company in the transaction with Endo is a testament to the incredible things that we have achieved together. With this transaction we are well positioned to continue our growth plan and I'm looking forward to continuing Paladin's great track record of success within the New Endo team."
About Paladin Labs Inc.
Paladin Labs Inc., headquartered in Montreal, Canada, is a specialty pharmaceutical company focused on acquiring or in-licensing innovative pharmaceutical products for the Canadian and world markets. With this strategy, a focused national sales team and proven marketing expertise, Paladin has evolved into one of Canada's leading specialty pharmaceutical companies. For more information about Paladin, please visit the Corporation's web site at www.paladinlabs.com.
About Endo
Endo International plc is a global specialty healthcare company focused on improving patients' lives while creating shareholder value. Endo develops, manufactures, markets, and distributes quality branded pharmaceutical, generic and device products through its operating companies. Endo has global headquarters in Dublin, Ireland and US headquarters in Malvern PA. Learn more at www.endo.com.
About Knight Therapeutics Inc.
Knight Therapeutics Inc., headquartered in Montreal, Canada, is a specialty pharmaceutical company focused on acquiring or in-licensing innovative pharmaceutical products for the Canadian and world markets. The TSX Venture Exchange has conditionally approved the listing of Knight Therapeutics' shares subject only to customary conditions. For more information about Knight Therapeutics, please visit www.sedar.com.
This press release may contain forward-looking statements and predictions. These forward-looking statements, by their nature, necessarily involve risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements. The Corporation considers the assumptions on which these forward-looking statements are based to be reasonable at the time they were prepared, but cautions that these assumptions regarding the future events, many of which are beyond the control of the Corporation and its subsidiaries, may ultimately prove to be incorrect. Factors and risks that could cause actual results to differ materially from current expectations are discussed in the annual report as well as in the Corporation's Annual Information Form for the year ended December 31, 2012. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information or future events and except as required by law. For additional information on risks and uncertainties relating to these forward-looking statements, investors should consult the Corporation's ongoing quarterly filings, annual report and Annual Information Form and other filings found on SEDAR at www.sedar.com.