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.
24.07.2015 Biotech companies across Europe continue to raise cash on the public markets, generating €3bn in total financing proceedings in the first half of 2015. Compared to 2014, this is almost twice as much.
23.07.2015 US money keeps flowing into Europe's biotechs. As the race for the peanut allergy market heats up, NASDAQ listed French biotech DBV has announced the successful closing of US$281m (€256m) share offering for its allergy products.
16.07.2015 Sanofi has announced plans to restructure its business in five standalone global business units starting in January 2016. The goal is to promote growth and help the company launch a catalogue of new drugs over the next five years.
15.07.2015 GlaxoSmithKline (GSK) has become the first drugmaker to join the Francis Crick Institute. It is a consortium made up of six scientific and academic institutes to conduct research and drug development in the UK. The new institute is set to become a world-leading centre of biomedical research and innovation.
10.07.2015 Karolinska Development has slashed the reported value of its portfolio by almost half by revising its valuation model for early stage companies and divesting its shares in pain med maker Pharmanest.
08.07.2015 Horizon Pharma plc. has set its sights on US-American speciality pharma company Depomed Inc. After getting nowhere with the rival’s board, Horizon has now launched a US$3bn hostile bid for the pain and CNS specialist.
07.07.2015 Irish pharma play Allergan plc. is boosting its eye care business by acquiring US-American medtech company Oculeve. Included in the deal are Oculeve’s dry eye disease development programmes.
The BioShake series contains high-speed mixer and thermal mixer for small and very small volumes in microplates and reaction tubes and allows for the first time high precise and efficient mixing in the microliter scale for a wide range of applications. more