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The board of directors at Spencer Pharmaceutical Inc. have indicated in a press release that they are in favor of the unsolicited buyout offer it received for 97 cents per share.

The offer was made last week by an as-yet-unnamed purchaser. On Thursday, Spencer Pharmaceutical officials noted the price of the offer, which amounts to about $245 million, as well as the potential buyer’s plan to take the Boston metabolic disease-focused firm private.

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