European specialist pharmaceutical company Norgine has acquired Merus Labs International for $342 million. Merus is a specialty pharmaceutical company focused on acquiring and optimizing legacy and growth products across Europe, Canada and other markets. The transaction is expected to close by September 30, 2017.

Norgine offers a direct commercial presence in all major European markets. In 2016, Norgine’s total sales revenue was €295 million. It employs over 1,000 people across its commercial, development and manufacturing operations and manages all aspects of product development, production, marketing, sales and supply.

Michael Cloutier, chairman, Merus, said, “After a comprehensive review of strategic alternatives, and consultation with the company’s financial and legal advisors and the special committee of independent directors, our board has unanimously concluded that this transaction is in the best interests of the company and our stakeholders. We are pleased that this transaction appropriately recognizes the value of Merus’ stable legacy product portfolio and strong cash flow.”

“Our acquisition of Merus will strengthen our position as the ‘go-to’ European specialist pharma company,” said Peter Stein, chairman and chief executive officer, Norgine. “The Merus team has built a strong platform of established products. We look forward to working closely with the Merus team to efficiently complete this transaction and welcoming them to Norgine.”