Canada's Afexa Life Sciences (FXA.TO) said although it welcomed Paladin Labs' (PLB.TO) decision to top an offer from Valeant Pharmaceuticals (VRX.TO) for the flu medicine maker, it would still oppose any move to end its shareholder rights plan. Radiant Investment Management said it bought Afexa's 524,500 common shares, on behalf of certain funds managed by Radiant. Radiant now owns 5.43 percent of Afexa's outstanding shares, it said in a statement. Earlier in the day, specialty pharmaceutical company Paladin said the terms of its new offer -- the details of which are yet to be provided -- would be superior to Valeant's offer for Afexa.
Shares of VRX fell by 3.14% or $-1.18/share to $36.45. In the past year, the shares have traded as low as $24.06 and as high as $57.24. On average, 3061040 shares of VRX exchange hands on a given day and today's volume is recorded at 4064118.
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