Good morning, everyone. How are you today? A busy agenda awaits us here on the Pharmalot corporate campus, where we have a pile of meetings and deadlines to attack. We trust you can relate. To cope, yes, we are downing a cup or two of stimulation. As always, we invite you to join us. And to get you started, here are some tidbits from the world at large. Hope your day goes well and do stay in touch...
Sonova Execs Resign After Insider Trading Probe (Bloomberg News)
Gilead And Yale Former Cancer Research Deal (Reuters)
Valeant Offers To Buy Cephalon For $5.7 Billion (Bloomberg News)
Glaxo's Lovaza Partner Pronova Settles Patent Row With Apotex (Reuters)
UK's NICE Rejects Bristol-Myers' Orencia Drug (Dow Jones)
Vertex CF Drug Shows Promising Results (Mass High Tech)
Merck & Novartis Blood Cancer Meds May Shrink Tumors (Bloomberg News)
Lawyers Tell Jury Merck Plant Leaked Toxins For Years (Associated Press)
UAE Says 67 Meds Get 20 Percent Price Cut (Khaleej Times)
1 Comment
Based on 2010 sales, the Valeant offer for Cephalon is about $2.5 billion too low. Cephalon also has a good asset/debt ratio, about 4.3/1. This deal doesn't make sense, unless the Board can't find anybody qualified to run the company in the wake of Dr Baldino's death. Plus, M&A activity on the Street is heating up, and since hostile bids are usually on the low side anyway, the deal may make sense. I could also see a Big Pharma white knight coming along, since even a 6-8 billion dollar sale is pretty affordable by cash kings in big pharma land.