UPDATED: UK's Midatech Pharma makes offer for DARA BioSciences

U.K. specialty pharmaceutical company Midatech Pharma has made a $24 million buyout offer for Raleigh, NC-based DARA BioSciences ($DARA) that could reach $29.7 million in value if conditional payments are made. The Oxford, U.K.-based company said the deal will boost its onology franchise by getting DARA's portfolio of medicines to help cancer patients adhere to their therapy and manage their cancer treatment side effects. DARA said it will benefit from being part of a larger company. Midatech, which has a nanoparticle manufacturing operation in Bilbao, Spain, has a core platform that is a drug conjugate delivery system based on a gold nanoparticles combined with existing drugs for targeted release and a second platform for sustained release of active drug compounds within polymer microspheres. Release here and here.