Japan's Otsuka Pharmaceutical to buy Avanir for $3.5 billion

December 2, 2014 11:01 AM

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(Reuters) - Otsuka Pharmaceutical Co Ltd, a unit of Japan's Otsuka Holdings Co Ltd, said it would buy U.S.-based Avanir Pharmaceuticals Inc for about $3.5 billion to expand its neurologic drug portfolio.

Otsuka Pharmaceutical Co Ltd will pay $17 per share in cash, representing a premium of 13.3 percent to Avanir's close on Monday.

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