Vanguard ends merger talks

Vanguard Medica (LSE:VGD) has pulled out of talks with CeNeS Pharmaceuticals (LSE: CEN) (see BioCentury, May 1, 2000). After receiving an FDA approvable letter for its frovatriptan migraine treatment on Tuesday, VGD said its board analyzed the potential central nervous system transaction with CEN and concluded that it would not provide appropriate value for VGD shareholders.

"We are still interested in talking to others to add to our strategic position in CNS," VGD CEO Robert Mansfield told BioCentury Extra. The company is looking for M&A and project opportunities principally in the U.S. and Europe. ...