Shire may consider upping its pitch for Baxalta, but first it needs more details on the financial future of its target.
On Wednesday, a pair of proxy advisers recommended that Mylan shareholders support the company's quest to bag Irish target Perrigo. But not ISS.
Earlier this week, Baxalta CEO Ludwig Hantson called Shire's $30 billion bid for his company a "lowball" offer, urging shareholders instead to look to Baxalta's standalone growth prospects. But before Shire raises its proposal, it needs some more details on just what those are.
WuXi PharmaTech, China's largest CRO, agreed to a $3.3 billion buyout deal that would take it off of Wall Street and into the hands of some private investors.
Mylan hopes its shareholders vote in favor of its hostile bid for Ireland's Perrigo. And it got a boost on Wednesday that may help convince them to do so at a shareholder meeting later this month.
Last month, Depomed criticized a sweetened, $33-per-share buyout offer from Horizon, claiming the all-stock proposal was "opportunistic" and took advantage of share-price fluctuations. So Horizon is doing something about it.
With Roche's R&D arm stepping back into antibiotics development, the pharma giant has struck a $425 million deal--with $190 million upfront--to buy a U.S. diagnostics outfit that's been developing some rapid-fire tech for matching the right antibiotic with the right bug.
There's just over two weeks left until Mylan's shareholders vote on its proposed hostile takeover of Perrigo, and the Irish target is using the time to meet with shareholders of both companies. Right now, its leaders feel "good about where they stand," according to Bernstein analyst Ronny Gal--but there are some question marks hanging over them, too.
Australian vaccines maker CSL has plenty of wherewithal to make some deals, CEO Paul Perreault says, but he's wary of the prices paid by other drugmakers. Big Pharma's penchant for biotech deals has created "a bit of a bubble," in Perreault's view.
Last week, Baxalta rejected a $30 billion buyout bid from Shire, pointing to its youth, its standalone prospects and a portfolio that just wouldn't jibe with the Irish pharma's. On Monday, its CEO hammered those points home once again for investors--and stressed that Shire's proposal, as it stands, is "wholly inadequate."