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China Grand Pharmaceutical to join CDH Investments' bid for Sirtex

China Grand Pharmaceutical and Healthcare Holdings Ltd. said it would participate in CDH Investments' offer to buy Australia's Sirtex Medical Ltd.

The Hong Kong-based company agreed to provide CDH Investments 49% of the equity funding for the transaction, representing about A$473.9 million.

China-based CDH made an unsolicited offer to buy Sirtex for A$33.60 per share in cash soon after the cancer treatment developer said it had reached a deal to be acquired by Varian Medical Systems Inc. for about A$1.59 billion, or A$28-per-share.

Palo Alto, Calif.-based Varian Medical has said it will not submit a counterbid for Sirtex, adding that its offer is superior to CDH's bid.

Sirtex Medical's board has yet to form a recommendation on CDH's proposal and has previously called the Varian acquisition to be in the best interest of its shareholders.