Mystery bidder withdraws from takeover battle for cancer drugmaker Allos
11 Oct 2011
US-based cancer drugmaker, Allos Therapeutics Inc yesterday said that a drug company it did not name had withdrawn its takeover offer but it was still in talks to sell itself to Amag Pharmaceuticals Inc for $686 million.
Allos, based in Westminster, Colorado, is in talks with Lexington, Massachusetts-based Amag to complete the July all-stock acquisition offer valued at $686 million, or $2.44 a share.
An unnamed publicly-traded pharmaceutical company that originally offered $2 a share, raising it to $2.20 a share in cash and stock last month, sent a letter to Allos on 7 October withdrawing its revised offer.
''As a result, Allos is no longer providing information to, or engaging in discussions or negotiations with, that company with respect to the revised acquisition proposal or any other acquisition proposal,'' said Allos in a statement.
TheStreet.com identified the mystery pharmaceutical company as Nevada-based Spectrum Pharmaceuticals.
Allos is a biopharmaceutical company that develops and commercialises innovative anti-cancer therapeutics. It is currently focused on developing Folotyn injection, a folate analogue metabolic inhibitor. Folotyn is approved in the US for the treatment of patients with relapsed or refractory peripheral T-cell lymphoma.