RDY - Athenex surges 70% as Dr Reddy's and Intas race to seek buyout deal

• The shares of Athenex Inc. ( NASDAQ: ATNX ) climbed ~70% on rising volumes in the post-market Thursday in reaction to reports that India’s Dr Reddy's Laboratories ( RDY ) and Intas Pharmaceuticals are in talks to acquire the cancer-focused biotech.
• The companies are competing against several mid-market healthcare focused U.S. private equity funds to strike a deal as the biotech looks to sell a controlling stake, India’s The Economic Times newspaper reported citing people with knowledge of the matter.
• The clinical-stage biotech is said to have named Cowen to lead a formal process to find an acquirer. "A formal process has started and the first round of offers have come in," one of the people said.
• "Intas and Dr Reddy's are the two Indian firms in the race at present. A transaction could be concluded during the current quarter."

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