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 plans 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 release on the buyout
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