US biotech Millennium Pharmaceuticals has weighed in with a $515 million bid for Canadian drugmaker AnorMed which leaves a hostile bid for the business from Genzyme - valued at $380 million - looking rather tame.
AnorMed rejected Genzyme's offer, saying that it undervalued the company, but gave Millennium's proposal a warm reception and recommended it to its shareholders.
Both companies are trying to get their hands on AnorMed's lead drug Mozobil (AMD3100), used to drive stem cells out of bone marrow into circulating blood, where they can be collected for use in a life-saving stem cell transplant in cancer patients, which is in Phase III testing.
Source:PharmaTimes
No comments:
Post a Comment