ROBERTS PHARMACEUTICALS ANNOUNCES SIGNING OF MERGER AGREEMENT WITH HAUCK PHARMACEUTICALS
ROBERTS PHARMACEUTICALS ANNOUNCES SIGNING OF
MERGER AGREEMENT WITH HAUCK PHARMACEUTICALS
EATONTOWN, N.J., Nov. 6 /PRNewswire/ -- Roberts Pharmaceutical Corporation (NASDAQ: RPCX) announced today that it has signed a definitive merger agreement with W.E. Hauck, Inc. of Alpharetta, Ga. The total purchase price of the acquisition is approximately $7.6 million, consisting of approximately $2 million in cash with the balance in shares of Roberts Pharmaceuticals common stock. The transaction is subject to the approval of the Hauck shareholders and satisfaction of other conditions of closing. A registration statement will be filed by Roberts to cover the issuance of the common stock in the near future. The offering of the common stock to the Hauck shareholders will be made only by means of a prospectus. A letter of intent regarding this acquisition was previously announced.
Hauck was founded in 1975 by its president, Warren E. Hauck. The company's primary products include ENTUSS(TM) (cough/cold treatment), CHLORAFED(R) (antihistamine), SINUFED(TM) (expectorant), and DOLACET(TM) (analgesic). Hauck distributes over 40 ethical pharmaceutical products and over 50 industrial medical products. The company has approximately 50 employees and its sales force is concentrated east of the Mississippi from New England to Florida. The Hauck group of companies, which includes Hauck Pharmaceuticals, Mallard Pharmaceuticals and a majority interest in Geriatric Pharmaceutical, produced net sales of over $4 million for the fiscal year ended June 30, 1991.
Roberts Chairman and CEO, Dr. Robert A. Vukovich, stated, "Our detailed review of the Hauck organization and product lines continues to support our belief that a significant strategic fit exists between our companies. As a result, Roberts marketing and sales capabilities will be substantially enhanced by the addition of 30 sales representatives to our existing sales force. The Hauck product line complements Roberts existing products and this will enable Roberts to effectively increase sales effort for our current prescription and non-prescription products lines. It is expected that the overall growth of the Roberts and Hauck product lines will be improved by the combination of operational synergies and focused management effort. In addition to the current advantages of the acquisition, there is an excellent fit with Roberts R&D pipeline, especially in the respiratory and pain management therapeutic areas."
Roberts Pharmaceutical Corporation is in the business of acquiring, developing, and marketing human pharmaceuticals in the United States and abroad. The company is developing late stage pharmaceuticals for the treatment of cancer, respiratory disease, endocrine disorders, pain management, cardiovascular and urologic conditions. The company has a range of products which it sells in the United States and abroad including a line of prescription pharmaceuticals which includes FURACIN(R), for burn wounds, and FUROXONE(R), an intestinal anti- bacterial. Non-prescription pharmaceuticals marketed by the company include CHERACOL(R) cough/cold products, HALTRAN(R) for menstrual disorders, and PYRROXATE(R) for sinus/allergy conditions.
/CONTACT: Anthony P. Maris of Roberts Pharmaceuticals, 908-389-1182/
(RPCX) CO: Roberts Pharmaceutical Corporation; W.E. Hauck, Inc. ST: New Jersey, Georgia IN: MTC SU: TNM TS-JT -- NY038 -- 1672 11/06/91 11:54 EST