TOKYO (AP) -- Major Japanese drug maker Shionogi and Co. said Monday it would buy U.S. pharmaceutical company Sciele Pharma Inc. for $1.4 billion in a bid to expand its business operations in the American market.
Shionogi will take over Sciele through a friendly offer to buy shares in the Atlanta-based company, the Japanese pharmaceutical maker said in a statement.
The Osaka-based company will pay $31 for each share in the tender offer, which is to begin within 10 calendar days, it said.
"We believe the purchase of Sciele Pharma will help boost our presence in the U.S., and this is an important investment for our company to grow in the longterm," the statement said.
In June, Shionogi's rival, Daiichi Sankyo Co., said it would buy a majority stake in India's largest drug maker, Ranbaxy Laboratories Ltd., via a tender offer worth as much as $4.6 billion.