CoTherix Bought By Swiss Firm
Swiss biotech company Actelion is buying CoTherix (CTRX) for $420 million, giving it control of the only approved inhaled treatment for pulmonary arterial hypertension in the U.S.
The deal was unanimously approved by both companies' boards of directors. Actelion will make a cash tender offer of $13.50 for each CoTherix share, representing a 21% premium to the stock's closing price Friday.
Subject to regulatory clearance and other customary conditions, the deal is expected to close early in the first quarter. Holders of about 32% of CoTherix's stock have agreed with Actelion to tender their shares.
In 2007, Actelion expects sales of the inhaled PAH drug Ventavis to contribute more than $100 million to its product revenue. PAH is a chronic, life-threatening disease characterized by high blood pressure in the arteries between the heart and lungs, causing limited exercise capacity and a reduced life expectancy.CoTherix shares were up 19.3% to $13.36 Monday.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV