In a bid to acquire a slate of experimental cancer and anti-inflammatory programs, Cephalon has launched a $207 million bid for Australia's Arana Therapeutics. And Frazer, PA-based Cephalon says that Arana's board will recommend the buyout to shareholders.
"Arana would bolster our burgeoning inflammatory disease pipeline as well as our oncology pipeline," said Frank Baldino (photo), chairman and CEO of Cephalon. "Arana has an established protein engineering technology platform that transforms proteins, including antibodies, into potent drug candidates."
Cephalon will pay A$1.40 a share, a 69 percent premium over its close on Feb. 25. And the developer has already acquired nearly 20 percent of Arana's shares. Arana's lead compound, ART621, is a new generation tumor necrosis factor alpha blocker in development for patients with inflammatory diseases.
"We are better equipped to take Arana's lead compound, ART621, through clinical development and, pending the success of clinical trials, to international markets," said Kevin Buchi, chief financial officer at Cephalon.
- check out Cephalon's release