Getting your player ready...
BOULDER, Colo.—Biopharmaceutical company Pharmion says its shareholders have approved a $2.9 billion cash-and-stock buyout offer from rival Celgene Corporation.
Pharmion shareholders voted Thursday to approve the sale and the companies say it should close on Friday.
Pharmion shareholders will receive $72 per share in cash and stock.
New Jersey-based Celgene is engaged primarily in the development of therapies for the treatment of cancer and inflammatory diseases. Boulder, Colorado-based Pharmion is researching and developing products for the treatment of hematology and oncology patients.
Celgene shares fell 88 cents to $56.42 and Pharmion shares fell 48 cents to $72.12 in midday trading.
