FRAZER, Pa., April 13, 2011 /PRNewswire/ -- Cephalon, Inc. (Nasdaq: CEPH) today 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.
Cephalon, Inc., through its wholly-owned subsidiary, Cephalon International Holdings, Inc. (Cephalon International), acquired a pre-bid shareholding of 27.57 percent by purchasing shares pursuant to call option agreements with two of ChemGenex's major shareholders, Merck Sante S.A.S. and Stragen International N.V., and converting A$15 million of convertible notes issued by ChemGenex to Cephalon International in October 2010.
The Bidder's Statement is expected to be dispatched to ChemGenex shareholders on April 18, 2011. The offer period is scheduled to commence on that date and will close on May 23, 2011 (unless extended).
The takeover is subject to a number of customary closing conditions, including a 90% minimum acceptance condition.
Cephalon has established a shareholder information line for ChemGenex shareholders.
The contact details are:Within Aus
|SOURCE Cephalon, Inc.|
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