OPKO Health announced today that it is poised to acquire Israel-based Prolor Biotech in an all-stock transaction valued at $480 million, or $7 per share of Prolor common stock.
Here's a multibillion-dollar question: With their improved cash positions, will pharma companies increase spending this year on acquisitions? Over at Moody's, analysts predict that the answer to this question will be "yes" and deep-pocketed pharma companies will spend big dollars on M&A deals.
Deal junkies, rejoice. Moody's Investors Service figures pharma M&A will pick up in 2013, after a not-so-exciting 2012. But even if the pace picks up, deal size probably won't increase much; we're looking at another year of small- to medium-sized buyouts, rather than megamergers.
Elan's board of directors has rejected an $11.25-per-share bid by Royalty Pharma, and some analysts say that at this point there's not much likelihood that Royalty can win out in the end.
Quintiles pulled in $927 million in revenue last quarter, a 4.2% jump over the same period last year the CRO attributes in part to 2012's many acquisitions.
Abbott Laboratories wanted to buy out its vaccine partner in Russia to better establish itself there. But the Russian government has not exactly thrown its arms open to Big Pharma and Abbott's hope has now been dashed on the hard wall of that reality.
Abbott Laboratories made a bid to acquire Russian vaccine outfit Petrovax, but the country's Federal Anti-Monopoly Service denied scuttled its plan.
Johnson & Johnson has sold 82 million Elan shares for $11.25 per share as part of Elan's $1 billion stock buyback plan, providing J&J's Janssen unit an after-tax gain of $213 million. The "Dutch Auction" price for Elan's buyback has implication for Royalty Pharma's ongoing efforts to acquire the Ireland-based biotech for up to $7.3 billion.
Eli Lilly plans to buy two of Seimens Healthcare Alzheimer's imaging agents, used in PET scans, all part of the drugmaker's shifting approach to treating the disease.
After indefinitely suspending their plans over a Chinese regulatory snag, Sony and Olympus are finally kicking off their long-planned medical device joint venture, planning to sell endoscopes and imaging technologies around the world.