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The Globe and Mail

Afexa taps new CEO, chair after Valeant takeover

Cold-FX products made by Afexa Life Sciences Inc are shown on a drug store shelf in Toronto August 25, 2011.

© Mike Cassese / Reuters/REUTERS

Afexa Life Sciences Inc. has appointed two senior executives from Valeant Pharmaceutical International Inc. to run the company in the wake of Valeant's takeover of the maker of the Cold-FX flu treatment.

Edmonton-based Afexa said that Robert Chai-Onn, general counsel of Valeant Pharma, will become chairman of the company.

Meanwhile, Thomas Schlader, president of Valeant's Canadian unit, will become the new president and CEO of Afexa.

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The changes come after Valeant acquired nearly 81 million shares of Afexa, or 74 per cent of the company, under a friendly takeover offer.

Valeant said Tuesday it will extend its bid to Oct. 27 to acquire the rest of the shares and privatize Afexa.

The Toronto-area drug maker, formerly known as Biovail, wants to buy Afexa to expand the company's flu treatment sales globally.

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