Forest Laboratories completes Clinical Data takeover

Forest Laboratories has announced the completion of its takeover of fellow healthcare company Clinical Data.

The firm has successfully concluded a short-form merger deal that has seen it purchase all outstanding shares of common stock in Clinical Data, with the newly bought company's shares having ceased trading on April 13th 2011.

It sees Clinical Data become a wholly-owned subsidiary of the Forest group in a deal that has been valued at $1.2 billion (735.22 million pounds).

By purchasing the company, Forest takes control of the new major depressive disorder treatment Viibryd, which was recently approved for sale by regulators in the US.

The treatment will become Forest's second major product launch for the year, joining brands such as Lexapro and Celexa in its antidepressant portfolio.

Howard Solomon, chairman, chief executive officer and president of Forest Laboratories, said: "We are pleased to enter into this agreement with Clinical Data. Depression is a debilitating disease that affects the daily lives of millions of patients."