CDH bid is on, page-21

AFR today
I'm not sure about the break fee - does the AFR have this right?
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Mr McLean told AFR Weekend Sirtex took considerable advice in an effort to understand any risks and how they could be mitigated before backing the offer from CDH.
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CDH, which has $US17 billion under management, is facing a $200 million break fee – which is a massive 10 per cent of the deal size. Varian said it would not increase its offer.
United First Partners director Paul Cowan, who advises investors, said the deal can complete without CFIUS approval and the risk is low the US agency would prevent the parties from completing.

"We note that patient data issue is fully mitigated under the scheme implementation deed and their data set is limited to a small number of terminally ill patients," he said.
China alone accounts for over half of the world's incidences of liver cancer, but Sirtex's SIR-Spheres are not available in the country.
According to the World Health Organisation China is reaching a tipping point where the proportion of the population able to afford Sirtex product is expected to increase 3.7 times by 2022.
CDH chief Jiao Shuge said he was committed to Sirtex's existing operations in the US, Europe, Asia and Australia and plans to help grow the business significantly to realise the full potential of its cancer treatments.

While entering China was on the radar of Sirtex, it chose to focus on Japan. Mr McLean, who lived in China for 3.5 years, said there were plenty of pitfalls for businesses entering into China despite the obvious market appeal.
"Sirtex as a business did not have the skills and capabilities to go to that market," he said. "For me there were other priorities ... other markets in Asia where the regulatory path was more clear."
The entry into China would now be accelerated and SIR-Spheres may be offered there within two years, he said.