MGI CLOSES GUILFORD DEAL, UPDATES OUTLOOK

Drug maker MGI Pharma Inc. closed its purchase of Guilford Pharmaceuticals Inc. on Monday and revised its guidance for the year -- widening its revenue outlook and saying certain expenses will be higher than previously projected. MGI paid $179.6 million in cash and stock for Guilford and assumed certain debt of the maker of the Gliadel cancer-treatment wafer.

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