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Catch of the day:
Elan for sale
18.06.2013 // Elan Corp has put itself up for sale after its shareholder rejected measures proposed by the management to fend off a hostile take-over by Royalty Pharma
At the company’s General meeting shareholders only approved an additional share repurchase programme, adding US$200m to the US$1bn share repurchase programme announced in March. However, investors signalled mistrust in the management’s plans to transform the company into a specialist for orphan diseases. They rejected plans to invest revenues from the US3.25bn Tysabri deal with Biogen Idec into strategic acquisitions.In mid-May Elan announced it wanted to take over Austrian orphan drug specialist AOP Orphan Pharmaceuticals and to participate in four potential blockbuster respiratory programmes of the US firm Theravance. Additionally, the management suggested to divest the Dublin-based company’s drug candidate ELND005 to an independent company, Speranza Therapeutics.
Before the week-end, Elan had already initiated a formal sale process and had invited Royalty Pharma to participate. The US company upped its initial US$6.55bn bid US$11 per share) to US$8bn (US$13 per share). But Reuters reported that Elan may have attracted interest from several mid-sized pharma companies and a cash offer of US$ 15.50 per share, according to a company insider. Royalty's current bid offers $13 in cash per share and added a clause known as a contingent value right (CVR) that could add a further $2.50 per share if blockbuster drug Tysabri hits certain sales milestones.
© eurobiotechnews.eu/tg
