On July 27, I had commented on deals being one of the factors driving stock prices in the biotech group. The spate of deals continues.
Earlier this week, Sepracor (SEPR) agreed to be bought by Japan's Dainippon Sumitomo Pharma (DNPUF.PK) for $2.6 billion. This purchase will enable Dainippon to gain a U. S. sales force along with experimental treatments for asthma, allergic rhinitis, and insomnia.
Today, Biogen Idec (BIIB) made an unsolicited $356 million cash takeover offer for drug partner Facet Biotech (FACT). The $14.50 a share offer represents a 64% premium to Facet's share price. Earlier Facet rejected a higher offer from Biogen to collaborate with Trubion Pharmaceuticals (TRBN).
Earlier this week, Sepracor (SEPR) agreed to be bought by Japan's Dainippon Sumitomo Pharma (DNPUF.PK) for $2.6 billion. This purchase will enable Dainippon to gain a U. S. sales force along with experimental treatments for asthma, allergic rhinitis, and insomnia.
Today, Biogen Idec (BIIB) made an unsolicited $356 million cash takeover offer for drug partner Facet Biotech (FACT). The $14.50 a share offer represents a 64% premium to Facet's share price. Earlier Facet rejected a higher offer from Biogen to collaborate with Trubion Pharmaceuticals (TRBN).