Forest Laboratories to Acquire Furiex Pharmaceuticals for $1.1 Billion in Cash to Build on a Leading Position in Gastroenterology (GI)

NEW YORK & MORRISVILLE, N.C.--(BUSINESS WIRE)--Forest Laboratories, Inc. (NYSE:FRX) and Furiex Pharmaceuticals, Inc. (NASDAQ: FURX) today announced that Forest has entered into a definitive agreement to acquire Furiex, a drug development collaboration company, for $95 per share, or approximately $1.1 billion in cash, and up to $30 per share (approximately $360 million in aggregate) in a Contingent Value Right (CVR) that may be payable based on the status of eluxadoline, Furiex’s lead product, as a controlled drug following approval. The acquisition is subject to receipt of customary regulatory approvals and approval by Furiex shareholders.