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GelTex Pharmaceuticals (developing non-absorbable polymer-based drugs) is acquiring SunPharm (therapeutics based on polyamine and iron chelators) for $16.5mm in GelTex common stock. For each of their shares, SunPharm shareholders are getting stock worth about $2.10 , a (pr)68% premium to its own stock's 10-day pre-announcement average of $1.25.
Payment Includes Stock
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