MAP Pharmaceuticals, Inc (MAPP)

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12:53AM MAP Pharma to be acquired by Allergan (AGN) for $25 per share (MAPP) 15.58 : Allergan (AGN) and MAP Pharmaceuticals (MAPP) jointly announce that they have entered into a definitive merger agreement whereby Allergan will acquire 100% of the shares of MAP Pharmaceuticals for a price of $25.00 per share. MAP Pharmaceuticals is a biopharmaceutical company focused on developing and commercializing new therapies in Neurology, including LEVADEX, an orally inhaled drug for the potential acute treatment of migraine in adults. LEVADEX is currently under review with the FDA.

The transaction, which has been unanimously approved by the boards of directors of both companies, will be accomplished pursuant to a cash tender offer followed by a second step merger. The per share cash offer price represents a 60% premium over MAP's closing stock price on the Nasdaq Stock Market of $15.58 on January 22, 2013, and represents a total equity value of ~$958 mln , on a fully-diluted basis. The acquisition is expected to close late in the first quarter or in the second quarter of 2013.