Cephalon Makes Bid for ChemGenex Pharmaceuticals
Cephalon, Inc. has announced that its wholly-owned subsidiary, Cephalon CXS Holdings Pty Ltd (Cephalon), has lodged the offer document (Bidder's Statement) for its A$0.70 a share offer for ChemGenex Pharmaceuticals Limited (ASX: CXS) (ChemGenex) with the Australian Securities and Investments Commission.
Cephalon is offering a 58 percent premium to the one-month volume weighted average price of ChemGenex up to March 29, 2011, and a 59 percent premium to the closing price on March 24, 2011, the last trading day prior to the announcement of Cephalon's offer. The offer is unanimously recommended by ChemGenex's directors in the absence of a superior proposal.
"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," said Kevin Buchi, Chief Executive Officer at Cephalon.