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Sobi Dismisses Takeover Talk

Sobi’s board of directors has ended any discussions about the possible sale of all shares issued by the company.

“Sobi will continue to focus on preparations for the upcoming planned launch of Elocta and Alprolix and on building value through its diverse and growing portfolio,” the company said in a statement.

Sobi had a market value of about $3.5 billion when the bid rumors started to circulate in April. That valuation helped analysts to conclude that a successful offer would need to be closer to $5 billion.

Also, the company retained Goldman Sachs to evaluate offers and has been talking with investors about a buyout deal for months. News of Sobi’s decision spooked investors, and the company’s share price dropped by 16 percent.

Sobi reported back in late April that it had received a “preliminary and conditional non-binding” buyout proposal.

Source: FiercePharma