January 31, 2008 / 12:49 PM / 10 years ago

Axcan results rise ahead of takeover

TORONTO (Reuters) - Axcan Pharma Inc AXP.TO reported a higher first-quarter profit on Thursday helped by strong sales of its key gastrointestinal treatments.

The company, which is in the final stages of being taken over by a U.S. private equity firm, said it earned $22.3 million, or 39 cents a share, for the period ended December 31, up from $17.5 million, or 34 cents a share, for the same time in the previous year.

Revenue for the quarter was $92.9 million, up from $78.8 million for the same time last year. Its Ultrase pancreatic insufficiency treatment contributed $13.9 million, while Canasa, its treatment for active ulcerative proctitis, added $16.7 million.

Late last year U.S. private equity firm TPG Capital said it planned to buy the Quebec-based company and take it private in a deal worth about $1.3 billion.

Axcan said the deal, which was approved by shareholders last week, was expected to close in the first quarter.

Reporting by Scott Anderson; Editing by Ka Yan Ng

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