Health care products maker Abbott Laboratories of Abbott Park, Ill., is acquiring specialty pharmaceutical company Kos Pharmaceuticals in Cranbury for $3.7 billion or $78 per share cash for all outstanding sharesHealth care products maker Abbott Laboratories (NYSE: ABT) of Abbott Park, Ill., is acquiring specialty pharmaceutical company Kos Pharmaceuticals (Nasdaq: KOSP) in Cranbury for $3.7 billion or $78 per share cash for all outstanding shares. Kos develops proprietary medications for chronic cardiovascular, metabolic and respiratory diseases.
Abbott is buying Kos to expand in the cholesterol-management market in which the company has two key products: Niaspan is a niacin product for raising so-called good-cholesterol levels and Advicor, a treatment for patients with multiple lipid disorders. Kos has other products in development to treat lipid disorders. Shares of Kos Pharmaceuticals leaped $26.85 to $76.94 in morning trading after word of the deal got out.