MedImmune willing to consider takeover
US drugmaker MedImmune has bowed to shareholder pressure and reversed its stance on takeovers. The maker of the FluMist nasal vaccine product has put itself up for sale and hired Goldman Sachs and law firm Dewey Ballantine to help secure a buyer.
The market reacted positively to the news. On the day of the announcement, April 12, shares in the Gaithersberg, Maryland-headquartered drugmaker rose 13%.
As recently as February, MedImmune's board re-affirmed its belief that the best way for the company to maximize value for its stockholders was to aggressively implement its business plan.
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