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Cephalon has made a $207 million offer to acquire the 80% of Australia’s Arana Therapeutics that it does not already own. Arana develops antibody-based drugs to treat inflammatory diseases and cancer. Its lead candidate, a tumor necrosis factor alpha blocker, is in Phase II trials for both psoriasis and rheumatoid arthritis. The company also receives royalties from Abbott Laboratories and Johnson & Johnson for technology licenses. Arana’s independent directors are recommending that shareholders accept the deal in the absence of a better proposal.
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