Endo Health Solutions, a US-based specialty healthcare company, recently announced that the South African Competition Commission has completed its review and approved the merger of Endo and Paladin Labs without conditions in terms of section 14(1)(b) of the Competition Act (South Africa).
In addition, the company also informed that it has received regulatory approval under the Investment Canada Act. The Minister of Industry has completed a review of the transaction and determined that it is likely to produce a “net benefit” to Canada.
As previously announced on November 5, 2013, Endo and Paladin entered into a definitive agreement pursuant to which Endo would acquire Paladin Labs in a stock and cash transaction valued at approximately $1.6 billion.
Today’s announced approvals satisfy certain regulatory conditions to the proposed acquisition. The proposed acquisition remains subject to certain other conditions and approvals, including approval by shareholders of Endo and Paladin Labs, approval of the Superior Court of Quebec, registration and listing of New Endo shares and customary closing conditions.
Endo Health Solutions Inc. is focused on branded pharmaceuticals, generics, and medical devices which deliver quality products to its customers intended to improve the lives of patients.