FRAZER, Pennsylvania (

TheStreet

) --

Cephalon

(CEPH)

intends to make a takeover bid for

ChemGenex Pharmaceuticals

, the Australian biopharmaceutical company.

The total offer value for ChemGenex shares and listed ChemGenex options that Cephalon doesn't own is about $163 million, Cephalon said in a statement. The offer values all ChemGenex shares and options at about $231 million.

The takeover bid has the support of ChemGenex directors, who will recommend it to shareholders as long as a superior offer doesn't come along.

ChemGenex plans to file a new drug application with the Food and Drug Administration to sell Omapro, a treatment for chronic myeloid leukemia.

-- Written by Joseph Woelfel

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Joseph Woelfel

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