SCHAUMBURG, Ill. (AP) -- APP Pharmaceuticals Inc. said Tuesday U.S. regulators have cleared the way for its purchase by German dialysis-clinic operator Fresenius.
In July, Hamburg-based Fresenius announced its plan to purchase APP for $3.7 billion in cash, or $23 per share, plus potential contingent payments of $970 million, or $6 per share. APP said Tuesday it expects the deal to close by mid-September, now that the Federal Trade Commission has completed its review of the transaction. German authorities previously signed off on the deal.
APP makes injectable drugs, including heparin, used by patients on kidney dialysis. Fresenius' purchase of the company is expected to help lower its expenses.
Shares of APP Pharmaceuticals rose 15 cents to $23.82. Shares of Fresenius Medical Care AG fell 13 cents to $53.40.