Last week, notorious proxy rebel Carl Icahn touted a victory for his activist investing strategy, taking credit for the management changes that ultimately drew Actavis as a buyer. And as it turns out, Forest Laboratories drew more than one interested buyer, with deal-hungry AstraZeneca making its own abortive pickup approach.
A couple of day ago, Israel's Andromeda Biotech bought back the worldwide rights to its Phase III diabetes therapy--DiaPep277 for Type 1 patients--from Teva for $72 million, to be paid on an installment plan based on future revenue. And today, Andromeda's parent company Clal says it's in talks with a U.S. pharma company to sell Andromeda and DiaPep277.
These days, "merger of equals" is the preferred term, and some companies are on the lookout. Others, particularly R&D types who've lived through integrations they'd rather forget, decry the idea. The pro-and-con debate rages on.
Murmurs that Israel's generic drug giant Teva Pharmaceuticals may be for sale reached fever pitch last week, driving its stock up nearly 10% to $48.45--its biggest advance since 2008.
European private equity outfit Cinven has stepped up to buy the majority of long-rumored target Medpace, trading $915 million for an undisclosed controlling stake in the CRO.
The private equity group announced this morning that it will buy out Medpace, continuing an M&A trend that has spurred a sizable shakeout of the CRO business in recent years. With outsourcing growing increasingly popular in the biopharma industry, the financiers are finding some significant upside in buying--and then selling--CROs.
Ariad Pharmaceuticals has appointed a former Carl Icahn acolyte to its board of directors, giving in to the activist investor after downing a poison pill to fend off any hostile advances. Now, amid some loosely founded chatter about its M&A potential, the bruised biotech could be in for another shakeup.
The execs at Merck KGaA have been hinting around for months now that they're interested in doing some sizable deals to build up the drug R&D side of the business at the conglomerate. And CEO Karl-Ludwig Kley helped feed the rumor mill on Friday with his boast that the company has deep enough pockets to pull off a multibillion-dollar buyout without straining.
When Furiex posted positive Phase III data on its lead drug, the biotech did everything just short of posting a "for sale" sign in its front yard to signal its intentions as its market cap more than doubled in a matter of hours. Now, in case you missed the signals, Bloomberg is reporting its sources are saying that the company has signed on with Bank of America to engineer a deal.
With Smith & Nephew shoring up its sports medicine device offerings in a major acquisition, Stryker is now trying to do the same with its second acquisition in a week.