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Sirtex shareholders approve China Grand Pharmaceutical, CDH takeover

Sirtex Medical Ltd.'s shareholders voted in favor of a A$33.60-per-share takeover by China Grand Pharmaceutical and Healthcare Holdings Ltd. and CDH Investments.

The Australian biotechnology company is being acquired under a scheme of arrangement which has received clearance from the Australian Foreign Investment Review Board and the U.S. Federal Trade Commission.

Hong Kong-based China Grand Pharmaceuticals' shareholders have also approved the acquisition. CDH and CGP's offer implies an A$1.9 billion market capitalization for Sirtex.

On June 14, Sirtex recommended the takeover bid to its shareholders — months after agreeing to be acquired by California's Varian Medical Systems Inc. for A$28 per share. Sirtex has since paid a break fee of about A$15.8 million for backing out of that deal.