Switzerland's Actelion has decided to move beyond its collaborative relationship on pulmonary arterial hypertension therapies with CoTherix and has agreed to buy the Brisbane, CA-based biotech in a $420 million all-cash deal. CoTherix shareholders will get $13.50 a share, a 21 percent premium over its Friday close. CoTherix's contractual obligations had derailed earlier merger talks, according to Actelion, but those contractual obligations have ended. CoTherix markets Ventavis for PAH in the U.S.
"Through the acquisition of CoTherix, Actelion will further lead the drive toward improved PAH therapy, both today with the existing form of Ventavis and potentially tomorrow through improved delivery systems and dry-powder inhalation to further enhance convenience for patients," says Actelion CEO Jean-Paul Clozel.
- check out the release for all the details
- here's the AP report on the deal
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