AAP Finance

Biotech company Sirtex agrees $1.87b deal

By AAP Newswire

The board of biotechnology and medical device group Sirtex Medical has accepted a $1.87 billion takeover offer from China's CDH Genetech.

Sirtex says it has entered into a binding agreement with the company to acquire for all its shares at $33.60 a share, and has terminated the scheme with Varian Medical Systems which has declined to offer a matching or superior proposal.

".. Sirtex issued a notice to Varian providing it with a right to submit a matching or superior proposal ....Consistent with its previous public statement, Varian has confirmed that it will not submit a matching or superior proposal," Sirtex said in a statement.