Millennium won't increase bid for AnorMED
Last Updated: Tuesday, October 17, 2006 | 4:13 PM ET
CBC News
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The bidding war for Vancouver pharmaceutical company AnorMED Inc. could be coming to an end as one of the bidders, Millennium Pharmaceuticals Inc., has refused to increase its offer.
Millennium, which is based in Massachusetts, said that to boost its bid from the $12 per share offered "would not have been in the best interests of Millennium shareholders."
Last week, AnorMED said that a rival bid from another Massachusetts firm, Genzyme Corp., was a "superior proposal" to the friendly deal struck with Millennium. Genzyme's last bid was for $13.50 US per share in cash, making its offer worth about $580 million US.
The takeover fight began back in August when Genzyme made a hostile bid for AnorMED.
Because Millennium's friendly offer has now been turned down, the company said it is entitled to a $19.5-million US termination fee from AnorMED.
AnorMED's main product is Mozobil, a stem-cell transplant drug, which is still in late-stage testing.
Shares of AnorMED finished down 51 cents at $15.24 on the TSX.
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