Cephalon Acquires Controlling Interest in Arana Therapeutics
Wed, 05/20/2009 - 4:27am
Cephalon, Inc. has announced that its wholly-owned subsidiary, Cephalon InternationalHoldings, Inc., now has a relevant interest in 50.1 percent of AranaTherapeutics Limited's issued shares and has declared its Offer for thecompany free from all outstanding conditions. As a result, under the previously announced accelerated payment terms,Arana shareholders who have already accepted the Offer will be sent their cashconsideration within five business days, while those who accept after today'sdate will be sent their cash consideration within five business days afterCephalon receives their valid acceptance. Cephalon Chairman and CEO, Frank Baldino Jr., Ph.D., said, "We are pleasedto have achieved a controlling interest in Arana. The acquisition of Arana isan important part of our long-term strategy to expand our technology base. Welook forward to advancing their pipeline in inflammatory diseases and cancer."