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NEUE BEWERBER UM ATRIX: ANGEBOT VON QLT WIRD WAHRSCHEINLICH ÜBERTROFFEN WERDEN

Investors continued to storm into Atrix Laboratories Inc. shares as several analysts suggested QLT Inc.'s friendly takeover offer represents a bargain, with the door left open for another bidder.

"Our target price on [shares of] Atrix of $46 (U.S.) suggests that other drug companies could benefit from offering a greater bid for the company than QLT's," said Michael Krensavage, an analyst at Raymond James in New York.

In a new report, he identified drug makers Sanofi-Synthelabo SA, Novartis AG and Johnson & Johnson, and specialty drug company Cephalon Inc. as potential bidders for Atrix, which is based in Fort Collins, Colo.

Analysts say QLT would receive a breakup fee estimated at $25-million if another suitor breaks up the deal.

Mr. Krensavage rates Atrix a "strong buy," citing a growing market share for its flagship drug Eligard to treat prostrate cancer. Atrix receives royalties from Sanofi's sales of the drug.

After jumping $3.37 or 12 per cent on Monday when the deal was unveiled, Atrix shares gained a further $1.33 to close at $32.72 yesterday on the Nasdaq Stock Market.

Vancouver-based QLT has offered $14.61 cash and one QLT share to acquire Atrix in a deal that now values the target company at about $33 a share, down from about $36 on Monday when QLT's stock price tumbled 17 per cent on investor concerns about the dilution they would face.

Analysts also said investors were disappointed by the prospect of QLT's biotech price-earnings multiple being diluted by a lower specialty pharmaceutical company multiple after the acquisition.