Everyone knew that MGI Pharma Inc. was up for sale, but few if any expected mid-cap Japanese pharma firm Eisai Co. Ltd. to emerge victorious last month from the formal auction run by Lehman Brothers. [See Deal] Eisai put up $3.3 billion, all cash—a healthy 39% premium to MGI’s closing share price the day before it announced it was seeking strategic alternatives, and about ten times MGI’s 2006 sales—and in doing so nabbed two records: the largest foreign acquisition by any Japanese pharma, and the year’s largest specialty pharma purchase.
Still, although Eisai was up against at least seven other interested parties, only one of these actually made an offer, according to documents later filed by MGI with the SEC,...
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