Monday, May 17, 2010

While You Were Sealing the Deal

For OSI, it turns out that $4 billion is the magic number. Astellas raised its bid for the biotech to $57.50 per share over the weekend and nailed down an endorsement from the OSI board. The market expected a higher bid -- Astellas' winning price (an improvement over its $52/share bid) suggests no white knight had emerged. Still at 55% above the price of OSI shares before the hostile offer in early March, the Tarceva co. didn't come cheap.

Meanwhile, while you were basking in the Game 7 afterglow ...

  • Hospital owner Universal Health Services said this morning it would buy Psychiatric Solutions, a mental-health facilities operator, for $33.75/share ($2 billion cash plus assumption of $1.1 billion debt). Reuters story here. The bid tops private equity player Bain.

  • Thrombogenics and BioInvent will share a €10 million milestone from Roche as TB-403 begins an imaging study in patients with metastatic, treatment refractory colorectal and ovarian cancers.

  • Bloomberg talks to GSK's Abbas Hussain about the Big Pharma's emerging markets surge, and the ongoing land-grab among the industry's biggest players.

  • Halozyme blames Baxter for manufacturing snafus on its Hylenex fluid absorption drug. HALO delivered a notice of breach to Baxter, which has 120 days to comply.

  • That sound you heard friday night was the epic collapse of the Boston Bruins (or as we prefer to think about it, the epic comeback of the Philadelphia Flyers). Philly got the Eastern Conf finals off to a good start Sunday night, thwacking Les Habs and the suddenly human Jaroslav Halak 6-0.

  • Finally -- this blogger is planning to fly to the US on Wednesday. What does that mean? VOLCANIC ASH! Yes, our old friend Eyjafjallajokull is back! Ugh.

image from flickr user Susan NYC used under a creative commons license

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