Navigate this market better. Subscribe for FREE stock alerts and information.

Wednesday, August 24, 2011

Flu remedy firm Afexa woos rival bidders, (TSE: FXA), (TSE: PLB)

Afexa Life Sciences Inc (FXA.TO), maker of Cold-FX, Canada's most popular over-the-counter flu medicine, is optimistic it can find a white knight to block a C$56.7 ($57.3 million) hostile bid from Paladin Labs (PLB.TO). Afexa Chairman Bill White told Reuters in an interview on Wednesday that the company has held talks with several interested parties, but he declined to be more specific. "I am not going to speculate that it (an alternative deal) will happen," said White. "But I can tell you I am quite optimistic based on the number of meetings we are having and the kind of interest that we're having." Growing competition for access to approved and marketable drugs have bolstered merger and acquisition activity in big pharma as well as specialty pharma in North America.