Please login to the form below

Not currently logged in
Email:
Password:

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

Share

Featured jobs

Subscribe to our email news alerts

PMHub

Add my company
Sciterion

Sciterion is an award winning specialist healthcare communications consultancy within the Havas Health network of companies. We exist to make...

Latest intelligence

Beyond the event
...
Anthill Agency and Actando partnership to Transform Pharma's Digital Skills
Anthill Agency, a leading life sciences digital agency, today announced the launch of the Anthill Academy™ and partnership with Actando's PharmAcademy....
Is the pharma business model ready for precision medicine?
Precision medicine promises to revolutionise patient outcomes and reduce costs for industry but is pharma ready for it? Blue Latitude Health co-founder Head of Strategy Fred Bassett explores the challenges...

Infographics