A day after learning from a press release that Pharma Patch plc intendsto purchase all stock in their company, Cangene Corp.'s. board issued astatement saying it would meet to review the offer with its financialadvisors, Lehman Brothers Inc., of New York.Pharma Patch, a publicly traded Irish company, announced itsunsolicited offer to purchase Cangene Tuesday. The move tookToronto-based Cangene by surprise, since there had been nonegotiations between the company and Pharma. Cangene's chieffinancial officer, Nancy Broadbent, told BioWorld that Cangene'sproducts were incompatible with Pharma's transdermal deliverysystem. She also said Pharma's offer grossly understated Cangene'strue value.Paul Heney, Pharma's Toronto-based corporate secretary, toldBioWorld Wednesday, "Nothing has transpired that would lead me tobelieve that this transaction will be on any basis other than amicable.From my discussions with Pharma Patch's senior executives, nothinghas led them to conclude that our offer has been interpreted in a hostilemanner."In Tuesday's issue of BioWorld, Cangene's stock was incorrectlystated to have closed at $12.75. In fact, the stock closed at $2.15Canadian ($U.S.1.57) down 5 cents. _ Philippa Maister
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