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RADFORD, Va. (AP) - British pharmaceutical company Shire PLC, which makes ADHD drug Adderall XR, said Tuesday it is buying U.S. drug maker New River Pharmaceuticals Inc. for approximately $2.6 billion, or $64 per share in cash.
The purchase price represents a 14.4 percent premium to New River's four-week average closing price of $55.92 per share and is a 10 percent premium to its Friday closing price of $58.35 on the Nasdaq Stock Market.
The acquisition will include a cash tender offer by a Shire subsidiary for all of New River's outstanding shares, expected to start on March 2 and close early in the second quarter.
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