MGI Pharma MOGN New patents, anti cancer Message Board

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Biotech / Medical : MGI Pharma MOGN New patents, anti cancer

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From: Icebrg	5/12/2006 9:12:34 AM
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Wockhardt mulls buying US-based MGI Pharma: Sources Sources have told CNBC-TV18 that Wockhardt is looking at buying US-based MGI Pharma. The Wockhardt-MGI deal size could be as high as $1 billion. The deal is intended to boost Wockhardt's biotech business. The company currently has about USD 400 million in cash; and its board has passed an enabling resolution to raise USD 800 million via overseas issue. MGI Pharma had an operational loss of USD 134,752 in CY05, while its CY05 sales stood at USD 280,000. The company has 9 products in anti-cancer and acute diseases segment, and has a large portfolio of inhibitors, both licensed and owned. Sources further say that this deal is likely to have a high cash element and that the company has already approached bankers to raise funds. However, this information has not been provided to the stock exchanges. news.moneycontrol.com

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