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Hisamitsu Pharmaceutical Co., Inc. Begins Tender Offer for All Outstanding Shares of Noven Pharmaceuticals, Inc.
Date:7/23/2009

TOSU, SAGA, Japan, July 23 /PRNewswire/ -- Hisamitsu Pharmaceutical Co., Inc. (TSE: 4530), Hisamitsu U.S., Inc. and Northstar Merger Sub, Inc., today commenced the cash tender offer to purchase all outstanding shares of common stock of Noven Pharmaceuticals, Inc. (Nasdaq: NOVN) contemplated by the Agreement and Plan of Merger executed and publicly announced by Hisamitsu and Noven on July 14, 2009.

Upon the successful closing of the tender offer, shareholders of Noven will receive $16.50 in cash for each share of Noven common stock tendered in the offer, without interest and less any required withholding taxes. The companies expect that Noven will continue as a standalone business unit, operating at its current locations in Miami and New York with its existing work force.

Today, Hisamitsu is filing with the Securities and Exchange Commission (SEC) a tender offer statement on Schedule TO that provides the terms of the tender offer. Noven is also filing with the SEC a solicitation/recommendation statement on Schedule 14D-9 that includes the recommendation of Noven's board of directors that Noven shareholders accept the tender offer and tender their shares to Hisamitsu. As previously disclosed, the board of directors of both Noven and Hisamitsu have unanimously approved the transaction.

The tender offer will expire at 12:00 midnight, New York time, on August 19, 2009, unless extended in accordance with the merger agreement and the applicable rules and regulations of the SEC. The closing of the tender offer is conditioned on the tender of a majority of the outstanding shares of Noven's common stock on a fully diluted basis. The closing is also conditioned on clearance under the Hart-Scott-Rodino Antitrust Improvements Act and other customary closing conditions.


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SOURCE Hisamitsu Pharmaceutical Co., Inc.
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