Noven

On the deals front, Japan-based Hisamitsu Pharmaceutical said it will buy Noven Pharmaceuticals for $428 million.

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Hisamitsu President Hirotaka Nakatomi said Noven should be "the ideal catalyst to accelerate Hisamitsu's strategic objective of increasing our U.S. presence."

Hisamitsu Buys Drug Maker Noven 2009

Mr. Hisamitsu said it already owns about 1.2 million Noven shares, or about a 4.9% stake.

Hisamitsu Buys Drug Maker Noven 2009

In deals-related action, Hisamitsu Pharmaceutical rose 1.6% in Tokyo on news it would buy Noven Pharmaceuticals for $428 million, in a bid to boost its presence in the U.S.

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The companies said Noven will likely continue as a standalone unit, operating at its current locations in Miami and New York with its existing work force.

Hisamitsu Buys Drug Maker Noven 2009

Jeffrey F. Eisenberg will become president and chief executive of Noven.

Hisamitsu Buys Drug Maker Noven 2009

Noven also said Tuesday it had positive results from its Phase II trial of its drug Mesafem for the treatment of hot flashes associated with menopause and will put the drug into Phase III development.

Hisamitsu Buys Drug Maker Noven 2009

The offer values Noven at $16.50 a share, a 22% premium to Noven's closing price Monday.

Hisamitsu Buys Drug Maker Noven 2009

The offer values Miami drug-delivery-systems maker Noven at $16.50 a share, a 22% premium to Noven's closing price Monday.

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Noven Pharmaceuticals dropped 1.56, or 14%, to 9.84, after the Miami drug company's fourth-quarter revenue missed analysts 'estimates.

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