Speculation over the prospective acquisition of CeNeS [1] continued to mount as the company's shares shot up 70 percent yesterday. CeNeS put out a terse statement acknowledging that it is in talks with a possible buyer. Of course, CeNeS stock had a long way to come back. One reason it became a takeover target is that its shares have slid 90 percent last year. The Financial Times taps Endo and Purdue, both big in pain remedies, as possible buyers. CeNeS has one therapy--M6G--nearing Phase III, with a cancer pain drug in mid-stage trials and a sedative in preclinical development. The UK biotech sector has been a major disappointment [2]to investors recently. Last year the country's 457 biotech stocks underperformed the FTSE All-Share by 36.1 percent.
- read the report [3] from the Financial Times
Related Articles:
Mystery suitor spurs spike in CeNeS stock. Report [1]
CeNeS licenses promising sedative to Ono. Report [4]
UK biotechs feeling the chill from investors. Report [2]
Links:
[1] http://www.fiercebiotech.com/story/mystery-suitor-spurs-spike-cenes-stock/2008-02-05
[2] http://www.fiercebiotech.com/story/uk-biotechs-feeling-chill-investors/2008-01-10
[3] http://www.ft.com/cms/s/0/31bcb150-d458-11dc-a8c6-0000779fd2ac.html
[4] http://www.fiercebiotech.com/story/cenes-licenses-promising-sedative-ono/2007-08-06