Cephalon CXS Holdings, a wholly-owned subsidiary of Cephalon, has launched a takeover bid for the haematology-focused Australian biopharmaceutical firm ChemGenex.
The bid comes on the back of ChemGenex completing Phase III clinical trials for its Omapro treatment for sufferers of chronic myeloid leukaemia, with the company planning to file a new drug application with the US Food and Drug Administration later this year.
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The bid has received unanimous support of ChemGenex directors, who will officially recommend the offer to shareholders in the absence of a better offer.
Cephalon’s bid comprises of an offer of A$0.70 per ChemGenex share and A$0.02 per ASX-listed ChemGenex option, valuing all shares and options at approximately A$225m ($231m).Cephalon will consider extending the share offer to holders of ChemGenex American Depository Receipts, subject to obtaining advice on applicable US law requirements.
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