UPDATE: MGI Pharma makes $178M bid for Guilford, plus assuming $69.4M convertible debt
Further consolidation of US mid-sized drug companies is forthcoming, with the proposed acquisition of Guilford Pharmaceuticals by MGI Pharma. The latter has made a cash and stock offer of $178.0 million and will assume $69.4 million of Guilford's convertible debt, which will be extinguished as soon as the deal closes.
An MGI spokesman told the Marketletter that this is the biggest purchase the company has made and will bring important new products to its range.
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