CEPHALON’S ARANA TAKEOVER OFFER: UP TO $1.45 PER SHARE
March 12th 2009 22:37
Friday February 27, 2009
Daily news on ASX-listed biotechnology companies
* ASX EVEN, BIOTECH DOWN: PEPLIN UP 19%, IMPEDIMED DOWN 30%
* STEM CELL CENTRE REVIEW: SCIENCE, STAFF OK; REST NEEDS WORK
* CEPHALON’S ARANA TAKEOVER OFFER: UP TO $1.45 PER SHARE
* CYTOPIA TO FORCE PROGEN-AVEXA ADJOURNMENT
* VENTRACOR FUNDING, TGA TALKS; ASX ACCOUNTS SUSPENSION
* RESONANCE H1 PROFIT UP 218% TO $294k ON REVENUE UP 28%
* COMPUMEDICS H1 PROFIT UP 52% TO $2.5m ON REVENUE DOWN 15%
* PHARMAUST H1 LOSS REDUCED 94% ON REVENUE UP 57% TO $2.6m
* ITL H1 LOSS DEEPENS ON REVENUE UP 39% TO $22m
* SOSEI AGREES NEURODISCOVERY PAIN PROGRAM MAY BE DILUTED
* NORWOOD ABBEY REQUESTS MERGER TRADING HALT
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ARANA
The Pennsylvania based Cephalon Inc has offered up to $1.45 a share to acquire Arana.
Arana chairman Robin Beaumont told Biotech Daily that Cephalon acquired 19.9 percnet of Arana late on Wednesday afternoon from the then two largest shareholders Rockwell Securities and Start-up Ventures, which retain a total of about five percent of Arana.
Start-up Ventures is a company associated with director George Jessup.
Rockwell Securities is associated with Lim Sen Yap of Malaysia.
The company’s two independent directors Mr Beaumont and Chris Harris recommended Arana shareholders accept the offer in the absence of a superior offer.
Cephalon is offering $1.40 a share if it receives acceptances for more than 50 percent of the company’s shares and $1.45 if it achieves acceptances above 90 percent of the company’s shares - allowing it to move to compulsory acquisition.
Mr Beaumont said the lower offer was a 70 percent premium to the company’s last traded price of 83 cents and the $1.45 represented a 75 premium.
The Cephalon offer values Arana at $318 million or $329 million if more than 90 percent of shareholders accept the offer.
Mr Beaumont said Cephalon was a $5.8 billion company focused on small molecules and wanted exposure to Arana’s expertise in biologics.
“They are very concerned to assure all staff they are keen to keep staff,” Mr Beaumont said. “They are not a biologics company but can see the attraction and growth potential of biologics.”
“All staff have a secure future at their current locations in Sydney, Melbourne and San Francisco,” Mr Beaumont said.
He said the appointment of a new chief executive officer was yet to be decided and Dr Steffan Nock would continue as interim chief executive officer.
Arana last traded at 83 cents.
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