Takeda Acquire Ariad For $5.2B
ARIAD Pharmaceuticals today announced it has entered into a definitive agreement to be acquired by Takeda Pharmaceutical Company Limited under which Takeda will acquire all of the outstanding shares in ARIAD for $24.00 per share in cash, or a total enterprise value of approximately $5.2 billion, representing a premium of approximately 75 percent over ARIAD’s closing price on January 6, 2017.
Under the terms of the agreement, ARIAD stockholders will receive $24.00 in cash for each share of ARIAD common stock they own. The transaction has been approved unanimously by the boards of directors of both companies, and is expected to close by the end of February 2017, subject to required regulatory approvals and other customary closing conditions.
Paris Panayiotopoulos, President and Chief Executive Officer of ARIAD, said, “We are very pleased to combine with Takeda, which will allow us to not only accelerate our mission to discover, develop and deliver precision therapies to patients with rare cancers, but also deliver meaningful value to our shareholders through a substantial cash premium. This exciting transaction is a testament to the hard work and dedication of ARIAD’s talented team of employees. We have tremendous respect for Takeda, and I believe our shared commitment to innovation and research-driven cultures will provide for a smooth transition.”
Alexander J. Denner, Ph.D., Chairman of the ARIAD Board of Directors, said: “This transaction is a great outcome for ARIAD shareholders and brings hope to improve the lives of many cancer patients. It has been a pleasure to work with our outstanding management team and, on behalf of the board of directors, I extend our deepest gratitude to everyone at ARIAD for their unrelenting dedication.”
Dr. Denner continued, “The transaction also underscores the tremendous value that shareholder activism can create for shareholders, patients and society. While ARIAD’s stock price was collapsing and many investors were abandoning the company, Sarissa Capital saw a company with important drugs and innovation and stepped in to become one of ARIAD’s largest shareholders. However, many things needed to be fixed before the value could be realized. With a new board and management team, ARIAD was able to focus on optimal capital allocation and operational excellence. As a result, the company created meaningful shareholder value and advance the options for those suffering from rare cancers.”
“The acquisition of ARIAD is a unique opportunity that will enable us to positively impact the lives of more patients worldwide, advance our strategic priorities and generate attractive returns for our shareholders,” said Christophe Weber, president and chief executive officer of Takeda. “This is a very exciting time for Takeda as we will broaden our hematology portfolio and transform our global solid tumor franchise through the addition of two innovative targeted therapies. Opportunities to acquire such high-quality, complementary targeted therapies do not come often, and we are very excited about the potential for this transaction to benefit patients, our shareholders and other stakeholders.”
This article has been republished from materials provided by Ariad Pharmaceuticals. Note: material may have been edited for length and content. For further information, please contact the cited source.
Moving Toward a Future Free of Drug-Induced Hearing LossNews
A new special publication orchestrated by five of the nation's leading hearing experts compiles the latest research into hearing loss caused by drugs and solvents - how it occurs, how to treat it, and how to prevent it.READ MORE
Chemicals in Lavender and Tea Tree Oil Could be Hormone DisruptorsNews
A new study lends further evidence to a suspected link between abnormal breast growth in young boys--called prepubertal gynecomastia--and regular exposure to lavender or tea tree oil, by finding that key chemicals in these common plant-derived oils act as endocrine-disrupting chemicals.READ MORE
Comments | 0 ADD COMMENT
World Congress on Pathology and Laboratory Medicine
Sep 10 - Sep 11, 2018
International Conference on Molecular Biology and Stem Cells
Aug 13 - Aug 15, 2018