BioCentury
ARTICLE | Company News

Afexa, Paladin, Valeant Pharmaceuticals deal

October 10, 2011 7:00 AM UTC

Paladin said last week that no Afexa shares would be taken up when its offer expired at 8 p.m. EDT on Oct. 7 because a basic condition of its unsolicited tender offer to acquire Afexa could not be fulfilled. The condition stipulated that there would be no increase in the termination fee that Afexa would owe Valeant under the latter's tender offer for Afexa. Paladin said that it will profit from Valeant's offer, as it holds almost a 15% stake in Afexa bought at prices "well below the Valeant offer." The company said it will continue to look for other acquisitions and growth opportunities. ...