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CIMA Labs reconsiders

This article was originally published in The Tan Sheet

Executive Summary

CIMA Labs says "there is a reasonable likelihood" that an unsolicited acquisition offer from Rx drug maker Cephalon "would reasonably be expected to result in a superior proposal" to an already-agreed upon stock-swap transaction with aaiPharma, according to a Sept. 19 release. Cephalon sent a letter to CIMA's board on Sept. 10 asking them to reconsider their decision to reject the Rx firm's proposal (1"The Tan Sheet" Sept. 15, 2003, p. 7). aaiPharma remains "committed" to completing the merger with CIMA, the company said in a statement...

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