Finally bowing to the demands of one of its investors, MedImmune says it has retained Goldman, Sachs to explore a possible sale of the $9 billion company. David Katz, president of Matrix Asset Advisors, has been spurring the company to do just that since last December. Carl Icahn raised similar expectations when he snagged a 1.1 percent interest in the Gaithersburg, MD developer. Until now, though, MedImmune has insisted that the best reward for shareholders lay in continuing to build on its business plan.
A winning bid would garner MedImmune's FluMist, which has struggled to gain market share, as well as Synagis for infant respiratory infections. A new version of FluMist that is significantly easier to distribute was recently approved, giving the company a shot at increasing sales. And a recent study also supported the use of FluMist for children. In addition, developers have an experimental vaccine in development for avian flu. MedImmune says it's been seeing some interest in a buyout from some major pharma players, but didn't name names. Company executives also noted that some shareholders were looking to a buyout to maximize shareholder value.
- see MedImmune's press release for more
- here's the AP report on the MedImmune gambit
ALSO: DOR BioPharma announced today that it is rejecting Cell Therapeutics' unsolicited buyout offer. The offer, which was unspecified, was inadequate, said DOR, which added that it will continue to evaluate new offers. Report
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