WILMINGTON,aaiPharma was left at the merger altar by Minensota-based CIMA Labs on Monday. But the North Carolina pharmaceutical didn’t lose its quarry without compensation.
CIMA rejected aaiPharma’s $375 million offer in favor of a $515 million deal from Cephalon. CIMA and aaiPharma had settled on a merger agreement in August worth $25.86 a share.
Cephalon approached CIMA with offers that ultimately reached $34 a share offer. Initially, CIMA said it would stick with aaiPharma.
As a result of the deal’s rejection, aaiPharma will receive a $11.5 million “breakup” payment. aaiPharma said the fee would be used to pay for merger-related expenses.
“We are eager to refocus our full energies on pursuing our growth strategy as an independent company,” said Philip Tabbiner, president and chief executive officer of aaiPharma, in a statement.
aaiPharma (Nasdaq: AAII) closed at $18.31 on Monday, up 22 cents.