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Valeant counters Paladin's bid for Afexa

Valeant Pharmaceuticals has increased its offer to acquire Afexa Life Sciences to $0.85 per common share in response to a rival bid from Paladin Labs.

Valeant Pharmaceuticals has increased its offer to acquire Afexa Life Sciences to $0.85 per common share in response to a rival bid from Paladin Labs.

Canada-based Valeant's latest offer is an increase of 20 per cent from the $0.71 per share originally offered under an agreement announced in August, 2011.

Paladin, a speciality pharmaceutical company also based in Canada, made an offer of $0.81 per share in September, 2011.

Michael Pearson, chairman and CEO of Valeant said the company was prepared to make the increased bid as Valeant would be able to make a bigger return on the investment than Paladin due to its greater size and global interests.

He said: "While we normally don't participate in an auction process, given that our existing offer has the full support of the board and management of Afexa, we felt it was appropriate to continue to respond quickly to Paladin's hostile overtures."

Afexa's main product is Cold-FX – Canada's leading over-the-counter flu remedy. The company's pipeline includes a children's version of the drug as well as treatments for chronic lymphocytic  leukaemia, cholesterol and diabetes.

27th September 2011

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