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.
