Eisai completes $3.9B MGI Pharma buy

Japanese drugmaker Eisai says it has purchased USA-based MGI Pharma for $3.9 billion. The transaction, which was originally tabled late last year (Marketletter December 17, 2007), was completed with the short-form merger of Eisai's acquisition vehicle, Jaguar Acquisition Corp, and MGI.

Eisai said that, at the effective time of the merger, all MGI stock not tendered in the offer was converted into the right to receive $41.00 per share without interest and subject to applicable withholding of taxes. The Tokyo-headquartered firm added that the purchase, under which MGI becomes a wholly-owned subsidiary, has strengthened its position in the US oncology market.