Dura Pharmaceuticals to Buy Scandipharm

Dura Pharmaceuticals Inc. said it agreed to buy Birmingham, Ala.-based Scandipharm Inc., a closely held cystic fibrosis treatment developer and distributor, for $93 million to $139 million in stock, to expand its respiratory business. The acquisition price depends on the average price of Dura common stock 20 days before to the expected closing in the first half of 1998. San Diego-based Dura, which develops and sells drugs for asthma, allergies and other respiratory problems, will issue stock in exchange for all of Scandipharm’s stock and outstanding options. Separately, Dura said its Health Script unit entered into an agreement with Cystic Fibrosis Services Inc. to provide mail-service prescriptions and shipping services to more than 9,000 customers diagnosed with cystic fibrosis. Dura shares rose $1.38 to close at $49.38 on Nasdaq.