NicOx open to hostile takeover, says CEO
France-based drugdeveloper NicOx' chief executive, Michele Garufi, has told Bloomberg News that his firm could become a target for an unwanted takeover in the current hostile market climate.
The firm's shares have fallen by 70% over the last year, valuing it at 225.1 million euros ($299.4 million), according to the news service. Mr Garufi told Bloomberg that NicOx is currently seeking a marketing partner for its lead product naproxcinod and he fears that, "in the middle of negotiations, a company could just make an offer for the whole of NicOx." He went on to say that, "even if [the rival firm] was ready to buy at double the price, it would still mean selling NicOx at a knockdown."
This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.
Login to your accountTry before you buy
Free
7 day trial access
- All the news that moves the needle in pharma and biotech
- Exclusive features, podcasts, interviews, data analyses and commentary from our global network of life sciences reporters.
- Receive The Pharma Letter daily news bulletin, free forever.
Become a subscriber
£820
Or £77 per month
- Unfettered access to industry-leading news, commentary and analysis in pharma and biotech.
- Updates from clinical trials, conferences, M&A, licensing, financing, regulation, patents & legal, executive appointments, commercial strategy and financial results.
- Daily roundup of key events in pharma and biotech.
- Monthly in-depth briefings on Boardroom appointments and M&A news.
- Choose from a cost-effective annual package or a flexible monthly subscription
The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed
Chairman, Sanofi Aventis UK
Today's issue
Company Spotlight
| Headless Content Management with Blaze