Good morning, everyone, and welcome to another working week. We hope the weekend respite was refreshing and invigorating, because that familiar routine of meetings, deadlines, and the like has returned. You knew this would happen, though, yes? After all, the world is still spinning. So what better way to cope than to hoist a few cups of stimulation? Our choice today is Southern pecan. As always, feel free to join us. Meanwhile, here are some tidbits to get you going. Hope your day is smashing and, by all means, do keep in touch …
Fresenius (FRE) walked away from a pending $4.3 billion acquisition of Akorn (AKRX), a generic drug maker, after a finding problems with product-development practices. The company found “material breaches” of Food and Drug Administration standards while reviewing Akorn operations. Fresenius offered to delay its decision until Akorn had completed its own investigation, but was turned down, setting up a potential legal battle over the aborted takeover. Akorn says it “categorically disagree[s] with [the] accusations.” Fresenius disclosed its investigation in February.
Takeda Pharmaceutical (TKPYY) raised its offer for Shire (SHPG) to $62 billion to try to persuade the rare-disease drugs specialist into talks after it rejected three previous proposals, Reuters says. Buying Shire would be the largest ever overseas acquisition by a Japanese company and propel Takeda into the top ranks of global drug makers. The latest offer is 7 percent more than the first offer and 58 percent above the Shire stock price prior to takeover speculation. Meanwhile, Shire chief executive Flemming Ornskov could take home up to $57 million if the company is sold, the Daily Mail points out.
About the Author Reprints
In the matter of Pfizer’s setback, one wonders if events either in Kansas (Mc Pherson) or South Korea (Celltrion) had any impact on this – or just the general aura of anything related to the legacy Hospira?