Purdue Pharma Tenders Offer for CoCensys

Purdue Pharma said Friday that it completed its tender offer to buy all outstanding common shares of struggling Irvine biomedical company CoCensys Inc. for $1.16 a share in cash. A total of 5.9 million CoCensys shares have been tendered, which would give Purdue about 91.4% of the total when preferred shares are converted as well. Purdue, a pharmaceutical company based in Norwalk, Conn., said it intends to merge CoCensys into its Purdue Acquisition Corp. unit. All CoCensys shares not purchased in the offer will be converted into the right to receive $1.16 a share in cash.