Hisamitsu to buy Noven Pharma for 428 US dollars mlnNoven Pharmaceuticals Inc. (NOVN 16.48, +3.00, +22.26%) said Tuesday that it's agreed to be bought by Hisamitsu Pharmaceutical Co. (JP:4530 3,180, -50.00, -1.55%) for $428 million, or $16.50 a share in cash.

Noven said the deal represents a 22% premium to the closing price on Monday and a 43% premium to the average closing price for the preceding 90 days. The companies said they expect Noven will continue as a standalone business unit, operating at its current locations in Miami and New York with its existing work force. Separately Noven announced positive top-line results from its Phase 2 clinical study evaluating Mesafem for the treatment of Vasomotor symptoms associated with menopause.