ChemGenex Pharmaceuticals Ltd’s (ASX:CXS) suitor Cephalon Inc, has itself received an unsolicited $5.7 billion takeover bid from Canadian drugmaker Valeant Pharmaceuticals International.
Yesterday Cephalon launched a $231 million all-cash takeover offer for ChemGenex, sending the biopharmaceutical company’s shares soaring over 50 per cent, before retreating in today’s trade.
Cephalon’s shares have also risen following Valeant’s $73 per share bid, which represents a 24 percent premium over its last traded price.
At the end of last year Cephalon secured a 20 percent stake in Australian-listed stem cell developer Mesoblast (ASX:MSB).
ChemGenex's board has unanimously backed Cephalon’s latest offer for the company.
In the six months to 31 December 2010, ChemGenex Pharmaceuticals reported a net loss of $8.9 million.
