Reports: Forest Laboratories Close To $3 Bln Deal For Aptalis

(RTTNews) - Forest Laboratories Inc. (FRX) is close to an agreement to buy privately-held specialty pharmaceutical company Aptalis Holdings Inc. for about $3 billion, reports said Tuesday. A deal may be announced as early as Wednesday.

Aptalis, owned by private equity firm TPG Capital LP, has several products targeting cystic fibrosis and gastrointestinal disorders. North America and Europe are its main markets.

Faced with patent cliff, Forest has been looking for revenue-boosting acquisitions. The company had previously considered buying Aptalis, but talks stalled after Forest chief executive Howard Solomon announced his retirement in May. The talks have now resumed after Brenton Saunders became CEO.

TPG bought Aptalis for $1.3 billion in 2008 and merged it with Eurand Pharmaceuticals in 2011. It is said to be seeking $3 billion to $4 billion to exit its investment.

FRX rose 0.5 percent to settle at $58.76 on Tuesday. The stock added 3 percent in extended trade.