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Cephalon Launches Recommended Takeover Bid For Australian Biopharmaceutical Company, ChemGenex Pharmaceuticals Limited
Date:3/28/2011

FRAZER, Pa. and MELBOURNE, Australia, March 28, 2011 /PRNewswire/ -- Cephalon, Inc. (Nasdaq: CEPH) and ChemGenex Pharmaceuticals Limited (ASX: CXS) today jointly announced that Cephalon's wholly-owned subsidiary, Cephalon CXS Holdings Pty Ltd, intends to make a takeover bid for ChemGenex. ChemGenex is a hematology-focused Australian biopharmaceutical company developing its lead product candidate, OMAPRO™, for the treatment of chronic myeloid leukemia (CML) patients.  OMAPRO recently completed Phase III clinical trials and ChemGenex plans to file a New Drug Application with the U.S. Food and Drug Administration in the second half of 2011.

The takeover bid has the unanimous support of the ChemGenex Directors who will recommend it to ChemGenex Shareholders in the absence of a superior offer.

In October 2010, Cephalon, through its wholly-owned subsidiary, Cephalon International Holdings, Inc. (Cephalon International) agreed to subscribe for A$15 million of convertible notes issued by ChemGenex and entered into call option agreements with two of ChemGenex's major shareholders, Stragen International N.V. and Merck Sante S.A.S.  ChemGenex shareholders gave advance approval to the conversion of the convertible notes (in accordance with item 7 of section 611 of the Corporations Act) at a general meeting held in December 2010.

Cephalon International has today served notice to convert its convertible notes and exercise its call options to acquire in aggregate 86.4 million ChemGenex Shares.  This will result in Cephalon International holding in total 27.57 percent of the issued ChemGenex Shares.

Cephalon's takeover bid for ChemGenex will comprise two offers:

  • an offer of A$0.70 cash for each ChemGenex Share (ASX: CXS), cum dividends and other rights; and

  • an offer of A$0.02 cash for each ASX-listed ChemGenex Option (ASX: CXSOA)
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  • SOURCE Cephalon, Inc.; ChemGenex Pharmaceuticals Limited
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