Reckitt Benckiser Buys Adams Respiratory Therapeutics
Reckitt Benckiser Group plc and Adams Respiratory Therapeutics have entered into a definitive agreement under which Reckitt Benckiser will tender for the acquisition of Adams for $60 per share in cash ($2.3 billion). Adams is a specialty pharmaceutical company that is exclusively focused on the development, commercialization and marketing of pharmaceuticals for the treatment of respiratory disorders. Currently active in the United States only, Adams markets two brands; Mucinex and Delsym. Adams ' net sales have grown from $14 million in the fiscal year ending June 2003 to $332 million 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. According to Bart Becht, chief executive officer of Reckitt Benckiser, "The acquisition of Adams Respiratory Therapeutics is another step forward in Reckitt Benckiser's growth strategy in consumer healthcare. Adams will add to our portfolio a new, rapidly growing power brand in Mucinex, a market and innovation leader in cough and congestion relief in the USA USA