Pharma Patch plc, of Dublin, Ireland, announced that it completed theacquisition of about 1.3 million shares of Cangene Corp. stock, orabout 14 percent of Cangene's outstanding shares.Pharma Patch, which is developing transdermal drug delivery systems,also said it is completing the necessary documents to launch asecurities exchange takeover bid to acquire all the remaining shares ofCangene, which is based in Toronto.Cangene CEO Jim Rae said all he knows of Pharma Patch's intentionsis what he has read in news releases over the past few weeks. "It's anunsolicited offer, and I would really rather wait and see if and when theoffer does materialize," he told BioWorld. "At that time we wouldaddress it promptly and respond to it appropriately."Cangene officials previously expressed surprise at the offer,particularly since they said neither of its two lead products is suitablefor transdermal delivery.Pharma Patch said it will offer Cangene shareholders one freelytradable share of Pharma Patch for each three shares of Cangene. _Jim Shrine
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