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 >To contact the writer of this article, click here: Joseph Woelfel >To submit a news tip, send an email to: firstname.lastname@example.org.
Cephalon Inc (Nasdaq:CEPH) hit a new 52-week high Thursday as it is currently trading at $81.15, above its previous 52-week high of $81.14 with two million shares traded as of 1:50 p.m. ET. Average volume has been 3.9 million shares over the past 30 days.