The shareholders of China Grand Pharmaceutical and Healthcare Holdings Limited (CGP) have approved its participation in the acquisition of Australian cancer company Sirtex Medical (ASX:SRX).
The Australian cancer company accepted a $1.9 billion takeover bid from Chinese company CDH Genetech in June.
The bid valued Sirtex at $33.60 per share and was made jointly made by CDH and its strategic partner CGP.
In a statement, Sirtex said the acquisition scheme is not subject to the approval of CGP shareholders. However, shareholder approval for its participation in the acquisition means CGP can invest in the acquiring entity, Grand Pharma Sphere (Australia Bidco) Pty Ltd.
"Implementation of the Scheme remains subject to the satisfaction or waiver (as applicable) of certain other conditions precedent, including no regulatory restraints in certain jurisdictions, Sirtex shareholder approval in respect of the Scheme and approval by the Court," said Sirtex in a statement.
Sirtex is best known for its SIR-Spheres microspheres technology for the treatment of advanced liver cancer. They are used to deliver targeted internal radiation therapy directly to liver tumours via the hepatic artery. This therapy is called Selective Internal Radiation Therapy (SIRT) and is performed using minimally invasive surgical techniques by an interventional radiologist.