Horizon Pharma disclosed that it has obtained a commitment letter from Citigroup and Jefferies providing $900 million of senior secured term loans in connection with the company’s planned $940 million acquisition of Hyperion Therapeutics.
Under the terms of the acquisition, Horizon Pharma will acquire the outstanding shares of Hyperion for $46 per share. The acquisition, which has been approved by both companies’ boards of directors, is expected to close in the second quarter.
Proceeds from the new deal are also earmarked to repay Horizon’s $300 million senior secured credit facility it obtained in 2014 to back the company’s acquisition of Vidara Therapeutics.
Horizon Pharma is a specialty pharmaceutical maker. The Deerfield, Ill.-based company was founded in 2005. – Richard Kellerhals