King gets access to Alpharma books

Methinks Alpharma did protest too much. The hard-to-get target of King Pharmaceuticals' takeover suit, Alpharma scorned King's first offer of $33 a share, and then spurned a sweetened $37 bid. Plenty of other people want us, Alpharma claimed. But now Alpharma says it will negotiate with King, at least privately; the company told the Securities and Exchange Commission that it's inking a confidentiality agreement with its previously rebuffed partner.

No guarantees that a deal will be forthcoming, of course. But letting King into its books seems to put the lie to the supposed competing bids. Perhaps just the usual pre-negotiating bluster, designed to eke out as much value for shareholders as possible. Stay tuned for Alpharma's next move.

- see the Pharmalot post

Suggested Articles

Post-Tesaro buyout, don’t expect GlaxoSmithKline to spring for more commercial-stage oncology products anytime soon.

Already a fast-growing blockbuster, Novo Nordisk's injectable Ozempic won a major heart-helping FDA nod that could bode well for its oral sibling.

Bayer's new Vitrakvi for tumors with NTRK gene fusions is meeting skepticism in England and Germany, where cost watchdogs on Friday rejected it.