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MGI Moves Into Acute Care with Guilford Acquisition

MGI Pharma Inc.'s recent acquisition of Guilford Pharmaceuticals Inc. should allow the oncology specialist to smoothly branch out into acute care while simultaneously adding support for its most important cancer product. Arguably the biggest deal driver is Guilford's Phase III anesthetic propofol prodrug Aquavan-ironically the same drug which faltered in development earlier in 2005, leading to the latest in a string of disappointments for Guilford, a substantial setback in valuation, and an affordable price tag for MGI.

MGI Pharma Inc. 's recent acquisition of Guilford Pharmaceuticals Inc. should allow the oncology specialist to smoothly branch out into acute care while simultaneously adding support for its most important cancer product. [See Deal] Arguably the biggest deal driver is Guilford's Phase III anesthetic propofol prodrug Aquavan—ironically the same drug which faltered in development earlier in 2005, leading to the latest in a string of disappointments for Guilford, a substantial setback in valuation, and an affordable price tag for MGI.

Originally conceived as the animal health and ag-biotech firm Molecular Genetics Inc. in 1979, Minnesota-based MGI has never had much of a problem evolving. The company has gone through several...

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