Tesaro has reportedly tried to sell itself before, but to no avail. But its newly lowered share price may be sparking some new buyout interest.
The company has brought on financial advisers to help it weigh a sale after drawing attention from a potential suitor, Bloomberg reports, citing unnamed sources. Those advisers have started reaching out to other potential buyers, too.
A Tesaro spokesperson did not return a request for comment by press time.
It’s not the first time the Waltham, Massachusetts-based drugmaker, which markets PARP inhibitor Zejula, has weighed a sale. Last summer, the company put itself up for grabs and reportedly generated interest from then-M&A-starved Sanofi and another party, which was rumored to be Gilead.
This time, though, Tesaro’s recent stock-price woes may be fueling the fire. The company saw its shares hammered earlier this month when phase 1 data on an immuno-oncology combination underwhelmed investors. It’s also locked in an intensely competitive battle with PARP rivals Clovis Oncology and an AstraZeneca-Merck team, which market Rubraca and Lynparza, respectively.
And while both Sanofi and Gilead have since struck other sizable deals—Gilead nabbed CAR-T drug maker Kite for $11.9 billion, while Sanofi forked over $11.6 billion for hemophilia specialist Bioverativ—either could still find the prospect of swallowing Tesaro appealing, Wedbush Securities Inc. analyst David Nierengarten told Bloomberg.
“A company like Gilead that’s been expanding their oncology efforts would make a lot of sense, … but at these prices, it could be just about anyone with an oncology focus looking to get a product tucked into their portfolio,” he said, as quoted by the news service.
By Carly Helfand
Source: Fierce Pharma
Giovanni Caforio, the former CEO of Bristol Myers Squibb, is set to become the next board chairman of Novartis, which on Tuesday proposed the pharmaceutical industry veteran as its pick to replace Joerg Reinhardt in the role next year. Reinhardt has served as Novartis’ chair since 2013 and plans to retire when his 12-year term ends in 2025.
GE HealthCare has raised the curtain on two ultrasound systems equipped with artificial intelligence programs designed to assist in diagnosing conditions in women’s health, including obstetric exams. The Voluson Signature 20 and 18 imaging systems include AI tools capable of automatically identifying and annotating measurements of fetal anatomy.
Scientists from the University of Edinburgh’s School of Chemistry have revealed a new sustainable method of manufacturing complex molecules that could reduce waste produced during drug production. The method published in Nature Chemistry could help to prevent severe side effects caused by drugs that can exist as enantiomers.
