Pharma BD Deal Intelligence

Pernix Therapeutics Holdings, Inc. / Cypress Pharmaceuticals, Inc. and Hawthorn Pharmaceuticals, Inc.

2012 · Acquisition/Merger · $102M · Complete

WRONG BY 58 POINTS
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The coverage arc

Nov 14, 2012 SEC EDGAR — Pernix 8-K Exhibit 99.1 (announcement press release) Bullish

This will be the most significant acquisition in the Company's history. The generic and branded businesses of Cypress and Hawthorn are an excellent fit for…

Jan 02, 2013 BioSpace (completion press release repost) Neutral

Factual completion coverage: Pernix completed the acquisition of Cypress Pharmaceutical and Hawthorn Pharmaceuticals under the terms announced November…

Jan 04, 2013 Zacks via Nasdaq Bullish

Zacks framed the closed deal as a transformative two-for-one transaction adding generics scale plus a branded portfolio to Pernix's pediatric-cough base.

Source summaries from our enrichment pipeline; follow links for originals.

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Pernix acquired Cypress Pharmaceuticals (private generics) and Hawthorn Pharmaceuticals for up to $102M ($52M cash + $34M equity upfront, plus contingent payments). Strategic doubling-down in specialty pharmaceuticals.

Did it work? Outcome assessment

Strategic verdict
Failed to Achieve
Financial impact
Dilutive
Pipeline outcome
Mixed

Key facts

Related deals — scored

DealYearValueOutcome
Pernix Therapeutics Holdings, Inc. / Cypress Pharmaceuticals, Inc. and Hawthorn Pharmaceuticals, Inc. (this deal)2012$102M21
Watson Pharmaceuticals (Actavis Inc.) / Actavis plc2012$5.9B97
Kohlberg Kravis Roberts & Co. / PRA International (Genstar Capital)2013$1.3B91
Stryker Corporation / MAKO Surgical Corp.2013$1.6B91
Quintiles Transnational Holdings Inc. / IMS Health Holdings, Inc.2016$17.6B91
DPx Holdings B.V. (JLL Partners 51% / Royal DSM 49%) / Patheon Inc. + DSM Pharmaceutical Products2013$2.6B90
Pamplona Capital Management, LLP / PAREXEL International Corporation2017$5.0B90

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