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Embattled biotech Vernalis has achieved a rare few victory after US-based creditor Endo Pharmaceuticals wrote off a $56m (£28.8m) loan in return for a $7m upfront payment and future US royalties on Vernalis' migraine treatment, Frova.
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Piper Jaffray believes that the company's restructuring means its cash should now last until the end of 2009 and this, combined with the imminent exit of chief executive Simon Sturge, increases its takeover potential.
Maybe someone will buy Vernalis - but we doubt it will be on terms that are attractive to shareholders. Sell at 8.3p.
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