Announcements

RB Press release - 10/12/2007
Acquisition Of Adams Respiratory Therapeutics By Reckitt Benckiser

Reckitt Benckiser Group plc (RB.L) (“Reckitt Benckiser”) and Adams Respiratory Therapeutics (NASDAQ: ARxT) (“Adams”) today announce that they have entered into a definitive agreement under which Reckitt Benckiser will tender for the acquisition of Adams for $60 per share in cash, representing a total consideration for Adams’ fully diluted share capital of approximately $2.3bn (£1.1bn). This transaction will be financed by Reckitt Benckiser by cash on hand and existing credit facilities. Adams is a NASDAQ listed specialty pharmaceutical company, headquartered in Chester New Jersey, USA. Adams is exclusively focused on the development, commercialisation and marketing of pharmaceuticals for the treatment of respiratory disorders.  Adams is currently active in the United States only and markets two brands; Mucinex®, market leader in adult expectorants and Delsym®, a leading cough suppressant.  Mucinex represents most of Adams’ sales. 

Adams’ net sales have grown from $14m in the fiscal year ending June 2003 to $332m for the fiscal year ending June 2007. A key driver of the company’s growth has been the approval by the FDA in 2002 of the Mucinex patent protected extended-release guaifenesin product for chest congestion relief. Income before income taxes for the year ending June 2007 was $48m.

 

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