Tag Archives: buys

First Solar

First Solar buys Chilean solar company

Solar panel maker First Solar has purchased Chilean solar development company Solar Chile as energy demand continues to rise in the region.

The companies provided no financial terms in announcing the deal on Wednesday.

First Solar Inc., which is based in Tempe, bought Fundacion Chile’s stake in the company. First Solar and Fundacion Chile created a strategic working alliance with each other in October 2011. Fundacion Chile will continue to provide consultation services.

Solar Chile has photovoltaic power projects totaling approximately 1.5 gigawatts in northern Chile. Its five employees will join First Solar.

First Solar shares finished at $31.02 on Tuesday. They have almost tripled from a 52-week low of $11.42 in June. They peaked for the past year at $50.20 last February.

digital data flow through optical wire

RedPrairie buys JDA Software for $1.9B

RedPrairie, a maker of business software, on Thursday said that it had agreed to buy Scottsdale-based JDA Software Group Inc., a maker of supply-chain management software, for about $1.9 billion in cash.

RedPrairie, a privately held company based near Atlanta, is paying $45 per share for JDA Software.

Shares of JDA jumped $6.65, or 17 percent, to $44.80 in afternoon trading, indicating that investors expect the deal to go through at the agreed-upon price.

The price was a 33 percent premium to JDA’s stock price on Oct. 26, the day before rumors of the deal started leaking out, RedPrairie said, and 16 percent above JDA’s all-time high.

The companies expect the deal to close by the end of the year.

The combined company will have annual revenue of more than $1 billion and will be led by Hanish Brewer, the CEO of JDA. The CEO of RedPrairie, Michael Mayoras, will stay on the board.

“JDA’s heritage of pioneering market-leading supply chain planning, merchandising and pricing solutions is a perfect strategic fit with RedPrairie’s heritage in warehousing, workforce management, store operations and e-commerce,” the companies said.

Separately, JDA reported third-quarter net income of $11.1 million or 26 cents per diluted share, down 34 percent from $18.3 million, or 43 cents per share, in the third quarter of 2011.

Revenue was $164.5 million, down 5 percent from a year ago.

pharmaceuticals

Valeant agrees to buy Medicis for $2.6B

Valeant Pharmaceuticals International Inc. has agreed to buy Scottsdale-based dermatology products maker Medicis Pharmaceutical Corp. for about $2.6 billion in cash in a deal to strengthen its position in skin treatments and care.

Montreal-based Valeant, Canada’s largest publicly-traded pharmaceuticals company, said Monday that it has agreed to pay $44 per share for Medicis, a 39 percent premium over Friday’s closing price of $31.87 for the Scottsdale, Ariz., target company.

The boards of both companies have approved the deal. It needs approval by Medicis shareholders and regulatory clearance. The companies hope to complete the deal in early 2013.

Valeant Chairman and CEO J. Michael Pearson said the deal would be “a significant next step” toward making his company the leader in dermatology by expanding its products to treat acne as well as injectable aesthetic products often used to smooth out wrinkles and make people look younger.

Pearson has made 50 about acquisitions since taking over as CEO in 2008, including 15 this year. He said it’s their largest deal since Valeant combined with former competitor Biovail Corp. in late 2010.

Pearson said he would rather do acquisitions than spend on research and development which he calls a highly risky use of shareholder cash. He said the pharmaceutical industry’s productivity hasn’t been very good over the last decade.

“The attraction of this one is that this is squarely in the middle of dermatology where we already have a business. Their products are highly complementary to ours,” Pearson said. “It really fills in some holes that we had in our portfolio.”

He noted that they had no oral acne product and said Medicis has a great sales force.

“It will allow our sales reps to have a full line of products,” he said.

A Valeant spokeswoman said after the transaction its global dermatology sales will represent approximately 50 percent of the company.

The combined company’s commercial dermatology operations would be based in Scottsdale, and will operate under the Medicis name, the companies said. Its research and development operations would operate in Canada, Arizona and California. Corporate support functions would be based mostly in New Jersey.

The chairman and CEO of Medicis, Jonah Shacknai, called the offer compelling and said the combined portfolio of products under the Medicis name would be able to capitalize on opportunities in the markets for dermatology and aesthetic treatment.

Medicis’ prescription brands include Solodyn, Perlane, Ziana and Dysport.

Valeant expects the deal will produce cost savings at an annual rate of $225 million within six months of closing.

The deal comes after Valeant failed in its bid last year to acquire Cephalon after Teva Pharmaceutical Industries Ltd. trumped Valeant’s bid with a $6.8 billion for the company.