On July 7, 2008, Fresenius announced the agreement to acquire Schaumburg, Illinois-based APP Pharmaceuticals, Inc. Under the terms of the agreement, Fresenius acquired the outstanding common stock of APP for $23.00 in cash per share (the "Cash Purchase Price") plus a CVR that could deliver up to an additional $980 million, or $6.00 per CVR in cash, if the financial results of APP meet certain targets (payable in Q2 2011).