Cegedim To Buy Dendrite For $751 Million
Make a commentBy Ed Silverman // March 2nd, 2007 // 7:38 am
Not terribly surprising. Dendrite hasn’t been doing well, of late. Last fall, its biggest account, which was Pfizer, shifted business elsewhere. The loss of up to 10 percent of sales prompted cuts.
The deal has Cegedim, which like Dendrite provides software tools to help drugmakers sell their meds to docs, paying $16 a share in cash. Yesterday, Dendrite stock closed at $12.79. Cegedim, by the way, is based in Paris, while Dendrite is in the heart of pharmaland in New Jersey.
Ed Kfoury, Dendrite’s lead independent board member, says the company considered various options, but wasn’t specific. No word on what happens to Dendrite’s 3,000 employees in the US, but a Dendrite spokesman the two companies don’t have much overlap in New Jersey, where 700 people work.
You can read more here:
Today’s announcement;
The recent quarterly loss;
And last October’s bad news from Pfizer.
[tags]Cegedim, Dendrite[/tags]