Biogen Idec is aiming for slam-dunk sales of its multiple sclerosis powerhouse Tysabri, bringing on new sports talent to lead its MS campaign, "MS Inspiration," and to connect with patients with the disease.
PricewaterhouseCoopers has been running the numbers on deals and dollars in the biopharma industry. And the big accounting firm is echoing a growing lineup of analysts who see that dealmaking in the industry is suffering even as IPOs are booming. But easy access to cash could change things around dramatically in the second half of this year.
The chase for Elan appears to be over. Perrigo, a U.S. maker of over-the-counter and generic drugs, has emerged with a winning bid to acquire the Irish biotech outfit for $8.6 billion in cash and stock.
A report from BioPharm Insight noted that a patient on Biogen Idec's new multiple sclerosis drug Tecfidera had died, prompting a quick drop of about 3% in the biotech group's stock price, which recovered to about even later in the day.
In the latest twist in Royalty Pharma's plot to buy Elan, the business press has caught wind that Royalty may decide to revive its pursuit of Elan with the help and financial support of a partner. This scenario involves multiple factors, including Elan's willingness to take offers from joint bidders, and none of the players is commenting on the record about the situation.
After rejecting repeated buyout offers from Royalty for four months, Elan says that the U.S. firm will be invited to the bargaining table.
Elan has ditched a complaint against Royalty Pharma in a U.S. District Court, having filed the lawsuit against Royalty for lacking disclosures in its takeover bid last week. Ireland-based Elan is claiming a victory because it dropped the lawsuit after Royalty responded with additional disclosures in its latest and increased bid to acquire Elan.
It's all about choices. It is a week before shareholders will decide whether to let run with the current management or cash in on the sure deal offered by Royalty Pharma, but Elan Pharmaceutical investors have a handful of choices to sort through before they vote.
Elan and Royalty Pharma have been in a rapid back and forth of one-upmanship to win the hearts and votes of Elan shareholders. But the latest offer from Royalty may turn the the tide.
Royalty has sought to win over investors with an offer of $13 per share and a $2.50 CVR, a jump from the previous $12.50 per share offer that the vast majority of Elan shareholders rebuffed.