Hail First Pharma’s $250m offer to acquire the newly formed US firm Spencer Pharmaceutical has been rejected.

Spencer Pharmaceutical said in a statement that it is in the best interest of shareholders to reject the offer from Hail First, owned by Kuwaiti firm Al Dorra Holdings, which has not been modified since June.

Negotiations between the two parties have now ceased and Spencer will explore alternative options.

Spencer Pharmaceutical specialises in the development of new drug applications.