Pharma Patch plc, Cangene, Pharmetrix Corp. deal

CNJ's board unanimously recommended that shareholders reject a previously announced takeover bid by SKINY. The board said that its advisor, Lehman Brothers Inc., had concluded the proposed financial consideration is inadequate.

The board added that SKINY's offer fails to account for the net present value of CNJ's Nucleic Acid Sequence-Based Amplification (NASBA) technology and the value of its CANGENUS drug manufacturing technology. ...