MGI Pharma shares advance strongly on buyout |
| MarketWatch - Dec 10, 2007 |
Shares of MGI Pharma advanced strongly in Monday's premarket trading after the biotechnology company agreed to be acquired by Japanese healthcare company Eisai Co. for $3.9 billion.
Under the terms of the deal, which would strengthen Eisai's oncology pipeline, Eisai (JP:4523: news, chart, profile) would acquire all of the outstanding shares of MGI Pharma for $41 a share in cash. The offer is a 22.6% premium to MGI Pharma's Friday closing price of $33.45.
Shares traded up more than 20% at $40.21 in morning dealings.
The merger has been unanimously approved by the board of MGI and is subject to customary closing conditions and regulatory approvals. It is expected to be completed during the first quarter of 2008.
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- Posted: 2007-12-10 09:56:15
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