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SciGen gets preconditional takeover offer

Singapore's SciGen Ltd. said YiFan International Pharmaceutical Co. Ltd made a preconditional offer for all its ordinary shares.

The offer, which priced SciGen's stock at 5.07 U.S. cents per share, is subject to the satisfaction of all preconditions on or before Nov. 15.

SciGen said its board will appoint an independent financial adviser for the offer.

SAC Capital Pte. Ltd. made the offer for and on behalf of YiFan International, a unit of China-based Yifan Pharmaceutical Co. Ltd.

SciGen, which develops genetically engineered biopharmaceutical products, is a unit of Bioton SA.