Hisamitsu To Buy Noven Pharmaceuticals

Hisamitsu Pharmaceutical Co., based in Japan, plans to acquire Noven Pharmaceuticals, Inc. for $428 million in cash. Noven is a provider of transdermal patch-based treatments for attention deficit hyperactivity disorder and hormone therapy.

The companies expect that Noven will continue as a standalone business unit, operating at its current locations in Miami and New York with its employees. The agreement was approved by the boards of directors of both companies and a tender offer is expected to start July 28.