DEERFIELD -- Horizon Pharma has secured $300 million in financing to aid in its acquisition of Vidara Therapeutics International.
The financing agreement with a group of lenders will replace the $250 million bridge loan commitment received from Deerfield Management Company, L.P., according to Horizon. The company intends to use proceeds to complete the acquisition of Vidara, pay related transaction fees and expenses and for general corporate purposes.
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Citigroup Global Markets Inc. and Cowen and Company, LLC and their respective affiliates are acting as joint lead arrangers and initial lenders to Horizon for the financing.
Horizon announced earlier this year it will acquire Ireland-based Vidara for about $660 million. The new company will be named Horizon Pharma plc and be organized under the laws of Ireland with a portfolio of four products marketed primarily in the United States.
Vidara has operations in both Dublin and the United States. Its Actimmune drug, which it bought from InterMune Inc. in 2012 for $55 million, made nearly $59 million in sales for Vidara last year.