Posted On: 08/25/2013 6:57:34 PM
Post# of 72443
"CTIX Before the Bell"
As reported by the ever-reliable TheProgressive, CTIX is in buyout mode now that Amgen has finally announced the completed purchase of ONYX for $10 billion. M&A is picking up in the biopharma space and CTIX is no stranger to the rumors with past potential suitors PFE, CELG, and others being named as primary suitors. However, in what is sure to be a "stunner" Leo Ehrlich, CEO of CTIX has announced that he has sold the rights to Prurisol to Dr Reddy's even before the POC trial has begun. "I just felt that this was the right time and Dr Reddy's was the perfect partner. I was looking for ONYX money, but realized this still allows us to keep the Kevetrin franchise and sell that off to some other big pharma for a lot of money", said Ehrlich. Dr Reddy's is buying the license to Prurisol for $10 billion "rupee" or the equivalent of $68.95. When Leo was informed the sale was in rupee and not dollars, he shrugged it off as a "minor setback" and said the best is yet to come!
As reported by the ever-reliable TheProgressive, CTIX is in buyout mode now that Amgen has finally announced the completed purchase of ONYX for $10 billion. M&A is picking up in the biopharma space and CTIX is no stranger to the rumors with past potential suitors PFE, CELG, and others being named as primary suitors. However, in what is sure to be a "stunner" Leo Ehrlich, CEO of CTIX has announced that he has sold the rights to Prurisol to Dr Reddy's even before the POC trial has begun. "I just felt that this was the right time and Dr Reddy's was the perfect partner. I was looking for ONYX money, but realized this still allows us to keep the Kevetrin franchise and sell that off to some other big pharma for a lot of money", said Ehrlich. Dr Reddy's is buying the license to Prurisol for $10 billion "rupee" or the equivalent of $68.95. When Leo was informed the sale was in rupee and not dollars, he shrugged it off as a "minor setback" and said the best is yet to come!
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