7:03AM SciClone Pharma acquires NovaMed Pharmaceuticals for up-front payments of ~$24.7 mln in cash, 8,298,110 shares of co's common stock valued at ~$37.1 million and the right to additional cash consideration of up to $43.0 million (SCLN) 4.48 : Co announces that it has acquired NovaMed Pharmaceuticals, a China-based specialty pharmaceutical company. Under terms of the agreement, NovaMed shareholders are entitled to receive up-front payments of approximately $24.7 mln in cash, 8,298,110 shares of SciClone common stock valued at approximately $37.1 mln and the right to additional cash consideration of up to $43.0 mln, contingent upon the successful achievement of revenue and earnings targets for the 2011 and 2012 fiscal years. The co anticipates that NovaMed and SciClone's combined revenue for fiscal 2011 on a pro forma basis will be between $140 and $145 mln. SciClone's GAAP revenue for fiscal 2011 will exclude NovaMed's revenue prior to the closing of the acquisition. SciClone is updating its guidance to reflect the acquisition and anticipates that its 2011 GAAP revenue will be between $133-$138 mln, and cash, cash equivalents and investments at December 31, 2011 to be greater than $45 million. The Company anticipates updating earnings per share guidance with its first quarter 2011 earnings announcement expected in early May 2011.
surf's up......crikey
