News

Royalty Pharma bids for Elan
Enlarge image

BusinessIreland

Royalty Pharma bids for Elan

26.02.2013 - Pharma IP investor Royalty Pharma has made a US$6,5bn take-over bid for Elan Corp. plc after the Irish company sold its bestseller Tysabri to Biogen Idec.

The bid came directly after Elan had sold its multiple sclerosis drug Tysabri (natalizummab) to its long-term partner Biogen Idec, securing the company US$3.25bn. On February 22nd, Elan said it planned a share buyback of US$1bn and will focus on acquisitions after having sold its bestseller. Additionally, the company announced it will refinance its US$600m in debt. 

On February 25th, Royalty published a take-over offer of US$11 per share, valuing Elan at US$6.55bn, a 3.8% premium to Elan’s closing share price on February 22nd.  Royalty said that it already attempted to start negotiations with Elan on February 18th, after offering the price to Elan’s management. Yesterday, the investor directly asked shareholders if they want to stay invested in a company that has nothing but cash and royalty streams from Tysabri. 

Analysts however suggested that Elan would be worth more than US$15 per share.  Elan’s Board confirmed the bid, but called the timing of the bid „highly conditional“ and a „proposal , which may or may not lead to an offer being made for the entire share capital of the company“. Pointing to the Tysabri deal, the management added that the company has been working „for more than a year on a number of strategic transactions that would be to the benefit of our public shareholders“. However, any credible proposal will be considered, said the management. After having spun off its antibody drug discovery arm Prothena Corp. plc, Elan is working with giants Johnson & Johnson and Pfizer Inc. on ELND005, a Phase II drug to treat Alzheimer’s disease.

© eurobiotechnews.eu/tg

FundingEU

11.07.2014 Among the seven newly launched Joint Technology Initiatives (JTI) of Horizon2020 are two with deep roots in biotech: IMI is going into its second round while the newly established Bio-based Industries partnership invests in bioeconomy.

Stock marketNetherlandsUKBelgium

10.07.2014 Not one but two biopharma companies are seeking entry into the stock market: After Abzena raised €25m in an IPO earlier this week, Argen-x has followed suit and sold shares worth €40m.

M&AUKIreland

08.07.2014 Abbvie is determined to bring home British rare disease specialist Shire in a merger worth £30.1bn (€37.9bn). So far, Shire has rejected all offers from the US company.

M&ASwitzerland

04.07.2014 Genentech, a member of Swiss Roche Group, is set to acquire US-biotech Seragon Pharmaceuticals Inc. With the move, Genentech will obtain the rights to investigational breast cancer treatments.

M&AFranceGermany

03.07.2014 Nicox S.A. is stretching beyond the European market: The French eye health specialist is set to acquire Aciex Therapeutics Inc., a US-based pharma company with several ophthalmic therapeutics nearing market maturity.

FinanceBelgium

01.07.2014 Belgian antibody specialist Ablynx has raised €41.7m through a private placement of new shares and plans on boosting their range of nanobodies in development.

BioeconomyBelgiumUK

30.06.2014 Building on a £1.2m financing round, Celtic Renewables partners with a Belgian pilot plant to bring its bio-fuel made from whisky production residue to an industrial scale.

ConventionEUUK

25.06.2014 Sun, celebrities and a scandal - the world’s largest biotech convention is getting off to an explosive start in San Diego, California.

InvestmentGermanyNetherlands

24.06.2014 Bayer Healthcare is getting back into gene therapy with a US$252m deal aimed at the development of a haemophilia A treatment.

InvestmentNetherlands

20.06.2014 Tomtom founder Pieter Geelen invests in Dutch biotech Ocello, the company behind a 3D mapping technology used for predicting drug behaviour in patients.

Events

All Events

Current issue

All issues

Product of the week

Products

Stock list

All quotes

TOP

  • SERODUS (N)3.05 NOK7.02%
  • SILENCE THERAPEUTICS (UK)244.75 GBP4.15%
  • SUMMIT (UK)4.03 GBP3.87%

FLOP

  • ANTISOMA (UK)1.32 GBP-14.84%
  • XENETIC BIOSCIENCES (UK)6.00 GBP-14.29%
  • ALMIRALL (E)11.07 EUR-7.13%

TOP

  • SANTHERA (CH)70.65 CHF114.1%
  • CELLECTIS (F)13.54 EUR112.6%
  • ADDEX (CH)4.54 CHF108.3%

FLOP

  • THROMBOGENICS (B)8.51 EUR-51.5%
  • MERCK KGAA (D)63.67 EUR-50.6%
  • VERONA PHARMA (UK)1.20 GBP-42.9%

TOP

  • SANTHERA (CH)70.65 CHF3111.4%
  • GW PHARMACEUTICALS (UK)443.50 GBP843.6%
  • PAION (D)2.71 EUR310.6%

FLOP

  • CYTOS (CH)0.24 CHF-93.1%
  • EVOCUTIS (UK)0.21 GBP-92.6%
  • THROMBOGENICS (B)8.51 EUR-73.6%

No liability assumed, Date: 12.07.2014