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Valeant takes control of Afexa, extends bid

Cold-fx.

Kevin Van Paassen/Kevin Van Paassen/The Globe and Mail

Valeant Pharmaceuticals International Inc. says it has acquired nearly 81 million shares of Cold-FX maker Afexa Life Sciences Inc., or nearly 74 per cent of the Edmonton drug maker, under a friendly takeover offer.

Valeant said Tuesday it will extend its bid to Oct. 27 to acquire the rest of the shares and privatize Afexa.

The Toronto-area drug maker, formerly known as Biovail, wants to buy Afexa to expand the company's flu treatment sales globally.

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