Switzerland's Galenica is buying out Canada's Aspreva Pharmaceuticals for $915 million. The deal values Aspreva's shares at $26 each, a 16 percent premium from yesterday's close. The buyout comes just weeks after Aspreva and Roche shelved plansÂ to file for approval of CellCept, a new therapy for lupus. CellCept failed a late-stage trial, unable to demonstrate superiority to intravenous cyclophosphamide. That news took a serious bite out of Aspreva's stock value, paving the way to the deal announced today.
- see this releaseÂ on the buyout
Aspreva, Roche put CellCept on ice. Report
Aspreva's CellCept fails late-stage superiority study. Report
Aspreva Pharmaceuticals drug fails Phase III trial. Report
Buyouts a sign of industry's health. Report