Cephalon and ChemGenex Pharmaceuticals announced that Cephalon's wholly-owned subsidiary, Cephalon CXS Holdings, intends to make a takeover bid for ChemGenex. ChemGenex is a hematology-focused Australian biopharmaceutical company developing its lead product candidate, Omapro, for the treatment of chronic myeloid leukemia (CML) patients. Omapro recently completed phase III clinical trials and ChemGenex plans to file a new drug application with the FDA in the second half of 2011.
Cephalon will pay about $163 million to acquire all the outstanding shares of ChemGenex--the deal values the company at about $225 million, according to Fierce Biotech.
The takeover bid has the support of the ChemGenex all directors who will recommend it to ChemGenex Shareholders and holders of ChemGenex Listed Options in the absence of a superior offer.