Cangene withdraws offer for Hyal

Article Abstract:

Cangene Corp of Mississauga, Ontario, has announced that it is withdrawing its proposed tender bid for insolvent Hyal Pharmaceutical Corp. The company said that it has failed to reach an agreement with Hyal's nine debenture holders who just sold their $5-million in securities to SkyePharma PLC of the UK. Under the proposed deal, Cangene has offered to provide Hyal with C$350,000 in interim operating funds on a secured basis. However, SkyPharma said that it owns 100% of Hyal's secured debt of C$1 million and $5.2 milion or 83% of the unsecured debt.

Asset sales & divestitures, Pharmaceutical Preparation Manufacturing, Pharmaceutical Preparations, Blood Plasma & Products, Drugs, Hyal Pharmaceuticals Corp.

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Biotech star seeks the limelight

Article Abstract:

The biotechnology industry in Canada has been led by top-earner Winnipeg, Man.-based Cangene Corp., which is led by president and chief executive officer John Langstaff. Toronto, Ont.-based Apotex Inc., which is the majority shareholder in Cangene, may sell some of its shares in Cangene.

Financial management, Molecular Biological Products, Pharmaceutical industry, Finance, Biological products industry, Specialty chemicals, Biotechnology, Company financing, Cangene Corp., Apotex Inc.

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Biotech deals could surpass $1.5-billion

Article Abstract:

The acquisition deals of Canadian biotech industry reached 1.5billion dollars during this last fiscal year. The industry is expecting more profitable deals in current fiscal year as segment is getting more profitable.

Forecasts, trends, outlooks, Biotechnology industry, Biotechnology industries, Industry forecasts

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