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The value proposition was in the U.S.

Just as European biotech is starting to heat up, and with its lead product nearing the end of Phase III trials, Novuspharma S.p.A. is sacrificing its independence to merge with Cell Therapeutics Inc. The transaction leaves Europe with one less potential bellwether company. But Novuspharma says this deal is better for shareholders than it could get via partnering, and major shareholders - who are largely European - agree.

CTIC is buying Novuspharma (NMerc:NOV, Bresso, Italy) for 16 million shares of stock worth $160 million based on Friday's close of $10.01. Backing out NOV's $120 million in cash at March

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