Fresenius Acquires APP Pharmaceuticals

German global healthcare group Fresenius SE made a big step into the US generics on July 7, by agreeing to buy US generics specialist APP Pharmaceuticals in a deal worth an estimated US$3.7bn. On top of the US$23 per share offer, there is also a registered and tradable contingent value right (CVR) worth up to US$6 per share, applicable if APP's adjusted EBITDA exceeds over US$1,267.7mn in the next three years, though the likelihood of this (considering that adjusted EBITDA for 2007 was only US$252.9mn) remains to be seen.

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