Endo Shareholders Approve Purchase Of Paladin Labs Of Montreal

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Shareholders of Endo Health Solutions, Inc. of Malvern recently approved the acquisition of Paladin Labs, Inc. of Montreal, Canada.

Paladin is an international specialty pharmaceutical company focused on acquiring or in-licensing innovative pharmaceutical products.

Endo Health Solutions Inc. is a specialty healthcare company producing branded pharmaceuticals, generics, and medical devices. The company focuses in the areas of pain management, urology and endocrinology and aims to deliver quality products to improve the lives of patients.

In the somewhat complicated deal, the companies will each be acquired by a new Irish holding company, Endo International plc (New Endo). New Endo will acquire Paladin in a plan under Canadian law. The newly formed subsidiary of New Endo will merge with and into Endo, with Endo as the surviving corporation in the merger and an indirect, wholly owned subsidiary of New Endo.

The proposed transaction remains subject to approval of the Superior Court of Quebec, listing of New Endo shares and customary closing conditions, and is expected to occur promptly, according to a company news release.

Endo also announced a key personnel change. Ivan P. Gergel, executive vice president for research and development and chief scientific officer, will leave the company at the end of the month.

Rajiv De Silva, president and chief executive officer of Endo, thanked Gergel for his six-year tenure. He said Gergel’s focused approach to drug development led to multiple product approvals.

De Silva said Gergel’s choice to evaluate other opportunities is due to the company’s planned relocation of research and development to Dublin, Ireland.

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