Takeover Speculation On Andrx
The sale of shares in Andrx of the USA for $22.4 million in a privateplacement to two companies, one of which was already the company's largest investor, has raised speculation that a takeover may be around the corner. Andrx' stock rose to a 52-week high of $38 when the news broke, and then moved back to $37.50, up 8% in heavy trading.
Watson Pharmaceuticals, a generics and drug delivery company, (rated by US analyst Prem Lachman - see page 25), increased its stake in Andrx to 18.5% from 15%, and an undisclosed west coast institutional firm bought a 5% stake in the company.
Andrx' chief financial officer, Angelo Malahais, said the purchases were significant and told the Dow Jones that "some people might construe that if our largest shareholder is this confident, then at some time in the future we'll be profitable."
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