In the ongoing back-and-forth to acquire Sirtex Medical (ASX:SRX), it seems that Varian Medical‘s (NYSE:VAR) $1.2 billion bid just wasn’t enough. Varian said today that it heard from Sirtex that the company’s board couldn’t turn down the $1.41 billion unsolicited offer from China’s CDH Investments. The bid from CDH Investments came in at a 20% premium on Varian’s […]
Varian stands on $1.28B offer for Sirtex
Varian Medical (NYSE:VAR) said today that it stands behind its initial $1.28 billion bid to acquire Sirtex Medical (ASX:SRX) in the wake of a $1.41 billion counter offer from China’s CDH Investments. The unsolicited bid from CDH Investments came in at a 20% premium on Varian’s A$28-per-share offer, prompting Sirtex to reconsider a merger that already has approval from U.S. antitrust […]
China’s CDH Investments counters Varian with unsolicited $1.4B bid for Sirtex
Sirtex Medical (ASX:SRX) said today that it’s fielding an unsolicited, $1.41 billion counter-offer from China’s CDH Investments that trumps a previous, $1.28 billion bid from Varian Medical (NYSE:VAR) that’s already won approval from U.S. and German regulators. CDH’s A$33.60-per-share offer is a 20% premium on Varian’s initial A$28-per-share offer and prompted Sirtex to seek to scuttle a […]
U.S., German antitrust authorities clear Varian’s $1.3B Sirtex buyout
U.S. antitrust authorities and the German Federal Cartel Office cleared Varian Medical‘s (NYSE:VAR) $1.3B proposed buyout of Sirtex Medical (ASX:SRX), Varian reported today. The companies first announced that they inked a deal for Varian to acquire all of Sirtex’s outstanding shares in January this year. The transaction is slated to close in late May. Get the full story at our […]
Varian Medical to pay $1.3B for Sirtex
Varian Medical (NYSE:VAR) yesterday said it agreed to pay nearly $1.3 billion for Australia’s Sirtex Medical (ASX:SRX) and its anti-cancer microspheres. The A$28-per-share offer, which values Sirtex at A$1.59 billion (about $1.28 billion), is slated to close in late May, Palo Alto, Calif.-based Varian said. It’s part of a bid to broaden that company’s oncology portfolio. Get the […]
Sirtex swings to a loss after ‘challenging’ year
Shares in Australian cancer treatment developer Sirtex Medical (ASX:SRX) plunged more than 15% yesterday after the company posted a net loss of -A$26.9 million in 2016, compared to a profit of A$54 million the year before. Sirtex has faced a barrage of obstacles this year, including a number of clinical trials that failed to meet primary endpoints. […]
Sirtex shares jump on restructuring plan, 15% headcount reduction
Sirtex Medical (ASX:SRX) saw shares jump today after revealing plans for a major restructuring as the company looks to cut its headcount and focus on its “profitable core business.” The company said it underwent an “extensive review of the business” to identify where it could improve efficiencies. The review led to an initial $7 million reduction […]
Sirtex SIR-spheres fail to meet primary endpoint in head-to-head trial
Sirtex Medical (ASX:SRX) shares are down slightly today after its radioactive microspheres failed to meet the primary endpoint in a liver cancer trial. The company’s SIR-Spheres Y-90 resin microspheres did not improve survival in patients with advanced hepatocellular carcinoma compared to a group treated with the current standard of care, sorafenib. Get the full story at […]
Sirtex hops after Aussie court dismisses shareholders injunction
Sirtex Medical (ASX:SRX) said yesterday that Australia’s Federal Court dismissed a lawsuit filed by shareholders alleging it breached continuous disclosure obligations and engaged in misleading and deceptive conduct. The lawsuit alleges that the double-digit growth outlook for dose sales for its fiscal year 2017, which the company announced on Aug. 24 last year, “has no reasonable grounds.” Yesterday […]
Colorectal cancer patients treated with SIR-spheres more likely to be candidates for resection
Treatment with Sirtex Medical‘s (ASX:SRX) Y-90 resin microspheres and chemotherapy was associated with a statistically significant gain in potentially curative liver resectability, according to data published earlier this week. The results come 1 week after the Australian company reported that its radioactive microspheres had no effect in improving survival in patients with colorectal cancer in its […]
Sirtex SIR-Spheres fail to improve survival in colorectal trial
Sirtex Medical (ASX:SRX) saw shares tumble more than 25% today after a trial of its radioactive microspheres reported no effect in improving survival in patients with colorectal cancer. Results from the Foxfire analysis study indicated that the use of SIR-Spheres Y-90 microspheres in combination with chemotherapy did not improve overall survival in patients with unresectable colorectal […]
