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US-BASED DRUGS GROUP LAUNCHES TAKEOVER OF AUSTRALIAN BIOTECH.
MELBOURNE, March 2 Asia Pulse - US-based biopharmaceutical group Cephalon Inc has launched a $A256 million ($US162.94 million) takeover of biotechnology company Arana Therapeutics Ltd (ASX:AAH) to build on its inflammatory disease and oncology pipeline.
The Pennsylvania-headquartered Cephalon, which has acquired a 19.9 per cent stake in Arana, is offering $A1.40 ($US.89) cash for each share it does not own, valuing the deal at $256 million.
The offer is a 69 per cent premium to Arana's Friday closing price of 83 cents and has been recommended by the biotechnology company's independent directors.
"Arana will bolster our burgeoning inflammatory disease pipeline as well as our oncology pipeline," Cephalon chairman and chief executive Frank Baldino said in a statement.
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Source: HighBeam Research, US-BASED DRUGS GROUP LAUNCHES TAKEOVER OF AUSTRALIAN BIOTECH.