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February 2, 2009
Short Business Notes: Roche/Genentech, Sanofi-Aventis, GSK
Posted by Derek
The market definitely does not seem to think that Roche's offer for Genentech is going to go through at $86.50. Check out the stock action - note the immediate drop on the announcement of the offer, and the less-than-impressive recovery today. Everyone's waiting on new Avastin data, which (if strong) might allow Genentech to tell Roche to go away - or, at least, come up with a much higher offer, which in the current climate is the next best thing.
The Financial Times says that Sanofi-Aventis is looking to do a big acquisition of their own, not content, it seems, to watch Pfizer go down the chute alone. Thanks to the WSJ Health Blog for catching this one. More as we learn more, and I can't imagine that we're going to like what we hear - although, to be sure, they have managed to leave more research sites open, on the whole.
And GSK seems ready to announce more job cuts, but the UK papers seem to have this happening more in that country than anywhere else. No official word from the company, but it's definitely plausible.
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1. Ed on February 2, 2009 12:13 PM writes...
According to one report I have seen (The Scotsman) the GSK layoffs may end up nearer 10,000 rather than the 6,000 that is currently rumoured.
Either way, putting that on top of the extra 7,000 that are going at AZ, it has definitely not been a good week for UK Pharma.
Permalink to Comment2. Hap on February 2, 2009 12:57 PM writes...
Could the Genentech drop mean that its shareholders think that a sale to Roche would be bad for their future stock value, or that they think Roche might know something they don't about Avastin, rather than a lack of confidence in Roche's attempt to acquire their stock?
"Heaven for the climate, Hell for the company." I guess that SA is hoping for a good eternal rummy game with Pfizer, or maybe they think there'll be some more company to do three-person bridge.
Permalink to Comment3. processator on February 2, 2009 9:03 PM writes...
The rumor out there is that it might be BMS who Sanofi is after. The rumor has been out there for a very long time.
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