This week both biotech companies Stemline Therapeutics (STML) and Portola Pharmaceuticals (PTLA) has been acquired, who’s next?
Acquisition of Stemline Therapeutics (STML)
On Monday Menarini acquired Stemline Therapeutics for a staggering $667 million under the agreement that shareholders get $11.50 per share with $1 added per share on completion.
With shares trading higher than the $11.50 base acquisition price, investors are clearly betting there’s a good chance that Elzonris is approved by EU regulators by the Dec. 31, 2021 deadline and eventually sold in the EU5, triggering the additional $1-per-share payment. The marketing application in Europe is already under review, so the deadline appears well within reach as long as regulators don’t request any additional clinical trial data.
The transaction is expected to close this quarter.
With the support of Menarini’s infrastructure, Stemline will continue its efforts to develop additional applications of ELZONRIS to serve the unmet needs of patients suffering from difficult to treat diseases and cancers
Menarini said in a statement
Acquisition of Portola Pharmaeuticals (PTLA)
The acquisition of Portola represents an important next step in our strategy to diversify beyond C5. Andexxa is a strategic fit with our existing portfolio of transformative medicines and is well-aligned with our demonstrated expertise in hematology, neurology and critical care, We believe Andexxa has the potential to become the global standard of care for patients who experience life-threatening bleeds while taking Factor Xa inhibitors apixaban and rivaroxaban. By leveraging Alexion’s strong operational and sales infrastructure and deep relationships in hospital channels, we are well positioned to expand the number of patients helped by Andexxa, while also driving value for shareholders.
Ludwig Hantson, Ph.D., Chief Executive Officer of Alexion.
Under the agreement Alexion will acquire Portola’s outstanding shares for $18 per share. Following successful completion of the tender offer, Alexion will acquire all remaining shares not tendered in the offer at the same price of $18 per share through a merger. The transaction is expected to close in the third quarter of 2020.
Who’s next?
We analyze who we think is next to be acquired next. We suggest you check out Sunesis.
Sunesis Pharmaceuticals an emerging pharmaceutical company creating new medicines to improve the lives of people with cancer with a strong pipeline similar to ArQule & Aptose stock.
