Industry news, page-1207

Looking back through some old takeovers, found this one interesting. Goes to show, RAC can go out there opening the discussion around partnerships or whatever they like but ultimately if BP want the lot they will make a move. In my view we have been a sitting duck without Triangles recent research to show shareholders what peak sales revenue might look like for one indication.



A fair bit of back and forward, multiple interested parties, originally started with the idea of a Sale, license, or partnership to commercialise the drug. Ended up sold. On offer the investment bank directly outreached to 10 other suitors

https://www.fiercebiotech.com/biotech/sierra-wanted-partnership-gsk-wanted-store-how-19b-buy-out-came-be

””The saga began when Sierra engaged an investment bank in December 2021 to pursue a sale, licensing, partnership or other transaction to help with commercialization of momelotinib”

The investment bank reminded Sierra that if they were considering an acquisition, other parties that had previously engaged about strategic partnerships might be interested in putting in an offer. The bank was directed to do outreach to 10 potential buyers in the event that GSK returned with a deal worth $50 per share or more. Discussions about potential strategic partnerships with other companies also carried on.

Miels returned with an offer of $51 per share on March 11, which triggered outreach to the 10 additional companies. Four immediately declined to continue, but six unnamed companies were interested. One company, referred to as Party B, was deep into discussions on a potential strategic partnership and promised to send in an acquisition proposal. The offer ended up being $40 per share, well below what GSK was putting forward.The outreach with the existing companies involved continued, but the board decided not to engage any new ones. Party B was told to put up more, while presentations were made to another company, Party A. Meanwhile, the due diligence process with GSK kicked into high gear.Party B ultimately declined to revise its offer, despite a last-ditch effort on March 22 by a company representative to change Dilly’s mind. The company backed off but said to keep in touch if the other offers fell through.Three more companies entered the fray, but those negotiations did not go anywhere. Parties A and C also dropped out by the end of March.