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China Grand Pharmaceutical takeover of Sirtex Medical cleared by US committee

The Committee on Foreign Investment in the U.S. cleared Sirtex Medical Ltd.'s takeover by China Grand Pharmaceutical and Healthcare Holdings Ltd. and CDH Genetech Ltd.

Hong Kong-based China Grand Pharmaceutical said the U.S. committee cleared the transaction after receiving certain assurances from the companies that there were no unresolved national security concerns related to the acquisition.

Sydney-based Sirtex Medical, which develops cancer treatments using novel small particle technology, was acquired by the consortium for A$33.60 per share.

China Grand Pharmaceutical said the acquisition has allowed it to enter the field of liver cancer treatment.