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Actelion announces definitive agreement to acquire US-based CoTherix, Inc.

21 Nov 2006 - Actelion Ltd announced that it has entered into a definitive agreement to acquire CoTherix, Inc., a biopharmaceutical company with its headquarters in Brisbane, California. CoTherix currently markets Ventavis® (iloprost), the only approved inhaled therapy for the treatment of Pulmonary Arterial Hypertension in the United States.
 
The transaction has been approved unanimously by the Boards of Directors of both companies. Actelion will commence a cash tender offer of USD 13.50 per CoTherix Inc. share, for a total acquisition price of approximately USD 420 million (CHF 525 million). Subject to regulatory clearance and other customary closing conditions, the transaction is expected to conclude early in Q1 2007.
 
The directors and executive officers of CoTherix and additional stockholders, together owning approximately 32% of the outstanding shares, have agreed with Actelion to tender their shares pursuant to the offer, subject to customary terms and conditions, including termination rights.