Paladin makes hostile bid for Afexa

Paladin Labs is offering a modest premium in a hostile bid to take over Afexa Life Sciences in a deal that values the company at $56.7 million. Investors in Afexa, which makes the flu drug COLD-FX, are being offered 55 cents a share for the 85% of the company Paladin doesn't already own. "Our offer provides an opportunity for Afexa shareholders to receive an immediate and attractive cash premium for their investment at a time when the outlook for Afexa is uncertain," Paladin president and CEO Jonathan Ross Goodman said in a statement. Afexa's board has rejected the offer as inadequate. Report