Wellington, Sept 2 NZPA - International-focused investment fund Marlin Global is selling its stake into the takeover of an American pharmaceutical business for a $NZ1.8 million gain.

Nearly 3 percent of the Marlin fund was invested in Sciele Pharmaceuticals prior to the news of a $US31 per share takeover offer by Japanese competitor Shionogi and Co.

The offer was at a 61 percent premium to the share price.

"This offer confirms our belief that a lot of quality businesses have become significantly undervalued and represent great buying opportunities for savvy investors," said Carmel Fisher, managing director of Marlin manager Fisher Funds.

Marlin Global invested in growth businesses internationally, currently holding stakes in 30 companies in Europe, the United States and Asia.

Shares in the fund closed today at 69c, well below the net asset value of 94c at the end of August.

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