MGI Pharma (MOGN) To Consider Strategic Alternatives

MGI Pharma (Nasdaq: MOGN) released a statement this morning stating that its Board of Directors has authorized a review of possibly strategic alternatives. MGI Pharma would not disclose any more information detailing what "strategic alternatives" means.

For the span of the review, MGI Pharma has hired Lehman Brothers as its exclusive financial advisor. Additionally, MGI commented that there are no guarantees that anything will come from this review.

Investors are loving the news today, sending the stock higher by $4, or about 14%. Shares of MGI Pharma have hit a new 52-week high at $35.00 today, which also marks an all-time high for the Company.

MGI Pharma, Inc., a biopharmaceutical company, engages in the discovery, acquisition, development, and commercialization of proprietary pharmaceutical products in the areas of oncology and acute care in the United States.

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