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Cold-fx. (Kevin Van Paassen/Kevin Van Paassen/The Globe and Mail)
Cold-fx. (Kevin Van Paassen/Kevin Van Paassen/The Globe and Mail)

Afexa approves Valeant takeover bid Add to ...

The board of Cold-FX flu remedy maker Afexa Life Sciences Inc. has given its final stamp of approval to a friendly $76-million takeover bid by Valeant Pharmaceuticals International Inc. .

Afexa said Friday it has also named William White as its interim chief executive officer, to replace current CEO Jack Moffatt after his contract expires on Sept. 30.

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Afexa said the Valeant bid trumps an earlier $56.7-million hostile offer by Montreal's Paladin Labs in value and its independent advisers have deemed it a fair one. The Edmonton-based company has until Sept. 29 to entertain any competing bids that might arise.

“The board has been aggressively pursuing a variety of strategic alternatives and has determined that supporting the Valeant offer on these terms is in the best interests of Afexa,” the company said in a statement.

Valeant has said the acquisition of Afexa would boost its lineup of non-prescription, over-the-counter offerings, which include the Dermaglow and CeraVe skin-care products.

Cold-FX has been promoted by Olympic figure skating champion Joannie Rochette and TV personality and former NHL coach Don Cherry. Besides Canada, Cold-FX is now available in Hong Kong and there are plans to have it sold in the United States, China and Japan, significantly increasing the company's revenues.

Valeant is a multinational, specialty pharmaceutical company that develops, manufactures and markets a range of drugs.

 

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