Dainippon Sumitomo Launches TOB for Sepracor

Dainippon Sumitomo Pharma Co(DSP)., Japan's 7th largest pharmaceutical company by sales, and Sepracor Inc, the Nasdaq-listed company, agreed that DSP intends to acquire all of the shares of Sepracor through a tender offer for $2.6 billion. DSP will pay $28 for each of Sepracor shares, representing a 28% premium to its closing price on Sep 1. The Osaka-based drug maker gains a US sales force and experimental treatments in the world's biggest drug market.