Jazz Pharmaceuticals Improvises Its Way To A Turnaround
Executive SummaryA day after specialty drug developer Jazz Pharmaceuticals Inc. announced plans to merge with Irish drugmaker Azur Pharma Ltd. in mid-September, the company had something new to celebrate. Jazz’s stock price reached an all-time high of $47.88 per share, giving the company a market valuation of almost exactly $2 billion.
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With a highly competitive effective tax rate, half a billion dollars in cash, and access to attractively priced capital, specialty pharma Jazz, itself the subject of takeover rumors, has stepped up its ongoing hunt for late-stage assets.
The sale of an asset portfolio that includes Elsetrin for hot flashes could give Jazz the financial flexibility for another product acquisition.