Dainippon Sumitomo completes Sepracor tender offer

By Mass High Tech staff

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Dainippon Sumitomo Pharma Co. has completed its previously announced tender offer for Sepracor Inc.’s outstanding shares at $23 cash per share.

The offer for 86.9 million shares, about 78.2 percent, was conducted through DSP’s wholly owned subsidiary Aption Inc., with another 13.9 shares tendered through notices of guaranteed delivery.

Sepracor (Nasdaq: SEPR) confirmed rumors of its acquisition in September. The Marlborough-based developer of sleep aid Lunesta will be run as a subsidiary of Dainippon Sumitomo and will remain in Massachusetts. In addition to Lunesta, Sepracor develops an asthma treatment Xopenex.

Dainippon Sumitomo officials said that they deal would give them access Sepracor’s expertise in helping bring Dainippon Sumitomo’s own schizophrenia drug, lurasidone, which is in Phase 3 clinical development, to approval and market.

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