Zishen Wu, the CEO of China based Yongye International Inc(NASDAQ:YONG), a company that produces crop nutrient products, has made a buyout offer that values the company at $334 million. The offer is at $6.6 a share, 38 percent higher than Friday’s closing price of $4.79 on the Nasdaq. Full Alliance International Ltd, MSPEA Agriculture Holding Ltd and Abax Global Capital Ltd are also parties to the offer. This buyout would take the company private. Shares of YONG rose 17.35% to $5.62.
Meanwhile, a U.S. regulatory report says that the Food and Drug Administration has drawn out a risk plan to support the use of Aegerion Pharmaceuticals, Inc.(NASDAQ:AEGR)’s drug in adults with life threatening high cholesterol levels.
The release of this report saw Aegerion shares moving higher 11.25 percent to $17.76 and made a new 52-week high of $18.15 after the release, but cooled down later. The FDA will take a final decision by the end of December.
The report said that the risk plan “would support appropriate use of lomitapide, allowing it to be approved for use in the targeted patient population, a patient population with life threatening illness and limited therapeutic options.”
The FDA panel will also consider similar drugs from Isis Pharmaceuticals and Sanofi.
The medicine, lomitapide, to be taken once daily, aims at treating a genetic condition called familial hypercholesterolemia that causes abnormality in liver cells, leading to heart attack or death at an early age. People with this condition don’t respond to the standard cholesterol lowering drugs.
Bristol-Myers Squibb Co., who had originally developed this compound, abandoned it after many patients walked out of a trial because of gastrointestinal side effects of the medicine. Aegerion has also said that 3 of the 29 patients enrolled for the drug’s clinical trial had left because of the side effects.