The gene therapy pioneer bluebird bio has snapped up a biotech outfit skilled in gene-editing and cell-signaling tech in a deal valued at up to $156 million, including about $16 million worth of its stock.
This year's explosion of pharma deals, both real and rumored, has put a spotlight on the U.K.'s complicated, far-reaching rules on corporate takeovers, and AbbVie's $46 billion pursuit of Shire has teased out a new wrinkle. Under local law, the Irish-headquartered Shire is unable to make any big buyouts of its own until AbbVie's pitching period expires, a provision that has hamstrung the company's deal-friendly ethos, CEO Flemming Ornskov said.
Stryker will add the world's only PMA-approved, cementless, three-piece total ankle replacement system to its portfolio with its acquisition of Pennsylvania's Small Bone Innovations for up to $375 million in cash, the company announced June 30.
Valeant has cleared another hurdle in its quest to buy Allergan. The key next step: a special shareholders meeting, where Valeant will try to shake up the company's board and overturn its acquisition defenses to get a $53 billion deal done.
Shire CEO Flemming Ornskov is none too happy about AbbVie's repeated attempts to buy his company for $46 billion. Shire has snubbed AbbVie's advances three times since April, and under U.K. takeover rules, the Chicago company has until July 18 to make another bid or leave the Irish company alone. Problem is, AbbVie's ongoing pursuit is preventing Shire from making acquisitions of its own--a goal the company had been pursuing aggressively.
A higher price could get a deal done between Pfizer and AstraZeneca if British regulators play along, but investors aren't convinced that would be a particularly good outcome for either company. The two pharmas aren't far apart on price, and any renewal of negotiations could come as early as August.
The leader of the looming integration effort facing Medtronic and Covidien stressed "balance sheet flexibility" as one of the main drivers of the $43 billion mega deal, and said it will lead to more M&A activity in early stage companies, although some investors disagree.
AbbVie may be working with some of the same advisers who worked on Pfizer's so-far-failed play for AstraZeneca. But after three rejections from target Shire--the latest totaling about $46.5 billion--it's not about to make Pfizer's same mistakes.
About a year after it was outbid for skincare company Obagi by Valeant, Germany's Merz announced June 26 another play to to boost its aesthetics niche, this time involving devices. Merz is acquiring ultrasound company Ulthera, provider of the only nonsurgical, FDA-cleared treatment for facial skin tightening, for $600 million.
Shire CEO Flemming Ornskov, having already promised to double revenue by 2020, is making the rounds on a mission to convince investors that saying no to a $46 billion bid from AbbVie is the best move for his company's future.