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FRAZER, Pa. — Cephalon has lodged a bidder’s statement to acquire Australian drug maker ChemGenex Pharmaceuticals for $167 million, Cephalon said Wednesday.
Cephalon, which said its offer of 70 Australian cents per share represented a premium of nearly 60% over ChemGenex’s stock price as of March 29, said the Australian company’s directors had unanimously recommended approval of the acquisition. ChemGenex specializes in developing treatments for cancer.
“The addition of ChemGenex’s compounds supports our commitment to building a world-class pipeline that delivers first-in-class therapies to patients suffering from serious, often life-threatening medical conditions,” Cephalon CEO Kevin Buchi said.