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Progen Shareholders Seek To Block All-Australia Sale To Avexa

This article was originally published in PharmAsia News

Executive Summary

Shareholders of Australia's Progen Pharmaceuticals complain an announced merger with Australian biotech Avexa is seriously flawed and should be canceled. A shareholders group protested at a shareholder briefing the merger would seriously disadvantage Progen, whose U.S. $42.5 million in cash has made it attractive to Avexa as a drug-development partner. Avexa Chairman Nathan Drona said the merger would help it command a higher price for its HIV drug now in trial and valued by an analyst as potentially worth nearly U.S. $350 million. (Click here for more

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