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Forest Labs finishes Clinical Data tender offer

Tue, 04/12/2011 - 8:17am
The Associated Press

The drugmaker Forest Laboratories Inc. said Tuesday it completed its tender offer for shares of Clinical Data Inc., part of its $1.2 billion acquisition of the company.

Forest said securities representing 82.8 percent of Forest Lab shares were tendered, including 27.9 million shares of stock along with warrants and convertible notes.

Forest agreed to buy Clinical Data in February for $30 per share. It will pay another $6 per share if Clinical Data's antidepressant Viibryd, which was approved in January, reaches revenue targets.

Shares of Forest Labs fell 41 cents, or 1.2 percent, to $33.81 in late morning trading. Clinical Data stock rose 25 cents to $30.80.

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