News

Enlarge image

BusinessIreland

Elan set to fend off take-over

05.03.2013 - Irish Elan has offered its shareholders 20% of its annual Tysabri revenues in order to fight off a US$6.55bn bid of US investor firm Royalty Pharma.

Elan said on Monday it would give shareholders 20% of future royalties from multiple sclerosis drug Tysabri, which it plans to sell to its U.S. partner Biogen Idec in a US$3.25bn deal. Last year Tysabri made US$1.6bn, an up of 8% compared to the year before. Analysts expect the sales of the antibody drug to grow further. The move is intended to fight off a take-over from U.S. investment firm Royalty Pharma, which made a €6.55 bn bid last week. Elan said that it would prefer giving US$1bn dividend to its investors and use the rest of the Tysabri money for strategic acquisitions. Instead of being dependent of one top-selling drug, Elan wants to broaden its pipeline and to gain more flexibility.

Elan said that the "unique" cash dividend policy would give shareholders the right to enjoy unlimited participation in the upside from Tysabri sales. "This provides Elan and our shareholders with significant near and longer-term benefits," stressed Elan’s CEO Kelly Martin. The Dublin-based company announced shareholders can expect the first of twice-yearly dividend payments in the fourth quarter of 2013, subject to the closing of the Biogen deal.

Despite Elan's rejection, Royalty plans to make its case to some of the drugmaker's largest shareholders later this week. Elan said most of its shareholders did not view Royalty's idea as worth consideration. "We simply don't view the Royalty indication of interest as credible. The vast majority of our investor base simply don't view Royalty's indication as worthy of any discussion," Chief Executive Kelly Martin told. "I wish Royalty well, they can do what they need to do, but we're not in any discussions with them at all on any topic and we don't see any need to have those discussions," stressed Martin.

Royalty Pharma, which buys royalty streams of patented drugs, is not giving up, however. "We are very serious about our offer," said CEO Pablo Legorreta. In fact, Royalty is seeking talks with „ a number of Elan's large shareholders.“

© eurobiotechnews.eu/tg

http://www.european-biotechnology-news.com/news/news/2013-01/elan-set-to-fend-off-take-over.html

AwardFinlandEU

27.05.2016 The Finnish Technology Academy has awarded US-American innovator Frances Arnold the 2016 Millennium Technology Prize, worth €1m. Arnold is a pioneer in the field of directed evolution.

OncologyUK

26.05.2016 BigDNA relaunches as Iceni Pharmaceuticals with the aim to develop repurposed and reformulated cancer therapies. First order of business: repurpose Merck Serono’s cilengitide as a multiple myeloma treatment.

MicrobiomeFranceDenmarkEU

24.05.2016 One of the pioneering companies developing pharmaceuticals and diagnostics based on the gut microbiome, Enterome Bioscience, has raised €14.5m in a Series C financing round. Among the investors were Seventure and Lundbeckfond as well as Nestlé.

AntibioticsEUUKItaly

20.05.2016 The long awaited global review on antimicrobial resistance by economist Lord Jim O’Neill has been published. It sets out an action plan to defeat superbugs with a huge awareness campaign and rapid diagnostics to be used before antibiotics are prescribed.

LicensingGermanyIrelandSwitzerland

18.05.2016 Bayer is deepening its involvement in CRISPR with a licensing agreement for genome editing patents. Irish partner ERS Genomics holds the rights to the CRISPR/Cas9 tech from Emmanuelle Charpentier, one of the inventors.

M&AGermany

17.05.2016 Newly rebranded Siemens Healthcare has entered the field of molecular testing for cancers with the acquisition of Cologne-based NEO New Oncology.

FinancingUK

11.05.2016 Newly spun out company OxStem has raised £16.9m (€21.5m) to develop regenerative meds for the treatment of age-related disease. It is the largest financing for an Oxford spin-out – or any UK academic spin-out – to date.

FinancingSwitzerland

09.05.2016 Swiss Genentech partner AC Immune has raised CHF42.7m (€38.6m) in order to advance its therapeutic and diagnostic product pipeline in Alzheimer’s disease. The news follows a recently announced R&D collaboration with Biogen.

FinancingSpain

04.05.2016 Barcelona-based epigenetics expert Oryzon Genomics has closed a debt funding round of €10.5m, bringing the total money raised since last year to €27m. The funds will serve to advance the company’s two LSD1 inhibitors in cancer and neurodegeneration.

Open InnovationFrance

03.05.2016 Ipsen is strengthening its ties to long-time development partner Oncodesign, a Dijon-based cancer treatment biotech. The French pharma is handing over the pre-clinical pharmacology for its oncology research programmes to Oncodesign.

Quick news provided by GlobeNewswire

View more stock news

Events

All Events

Partner-Events

Aachen

Biomedica 2016

Basel (CH)

Chemspec Europe 2016

Current issue

All issues

Product of the week

Products

Stock list

All quotes

TOP

  • BIOTIE THERAPEUTICS (FI)0.27 EUR92.86%
  • PLETHORA (UK)3.38 GBP12.67%
  • ALMIRALL (E)14.43 EUR7.93%

FLOP

  • 4SC (D)2.59 EUR-20.31%
  • NEUROVIVE PHARMACEUTICAL AB (S)5.25 SEK-4.55%
  • FORMYCON (D)20.15 EUR-4.37%

TOP

  • GALAPAGOS (B)51.86 EUR30.7%
  • NICOX (F)11.00 EUR28.7%
  • GENMAB (DK)1177.00 DKK22.2%

FLOP

  • MOBERG PHARMA (S)38.00 SEK-21.8%
  • 4SC (D)2.59 EUR-21.5%
  • FORMYCON (D)20.15 EUR-18.0%

TOP

  • KARO BIO (S)30.60 SEK1981.6%
  • CHRONTECH PHARMA (S)0.34 SEK1600.0%
  • NICOX (F)11.00 EUR491.4%

FLOP

  • NEUROVIVE PHARMACEUTICAL AB (S)5.25 SEK-89.0%
  • BB BIOTECH (D)44.03 EUR-84.5%
  • BIOTEST (D)17.15 EUR-78.1%

No liability assumed, Date: 28.05.2016