Actelion is rumored to be a ripe take over candidate. One of its lead investors, Elliott Advisors, is pushing for its sale and even putting its own slate of board members up for election at the annual meeting.
Actelion's management says it would consider any credible offer -- but it hasn't ever received one.
The company further states that this would be a poor time to sell as pharma and big biotech's are seeking deals but not looking to overpay. Actelion characterizes these potential suitors as "risk adverse". Nevertheless, they would sell if the price was right and shareholders would realize better value on sale then from remaining an independent developer.
However, Actelion fully expects to offer the most value to its shareholders at present through independence and developing its own pipeline. It characterizes its pipeline as robust and balanced. The lead candidate from it being maciteritan that would be the follow on to its main bread-winner Tracleer (85% of sales) for the treatment of PAH.
To blunt Elliott efforts at board takeover, Actelion has nominated former GSK CEO Jean-Paul Garnier and former S-P CFO Robert Bertonlini as new board members. Garnier if elected would be in line to be elevated to Chairman when current Chairman Robert Cawthorn retires. Up to now, Actelion has remained fiercely independent and appears to want to stay that way unless someone throws big money at them.
Posted by Bruce Lehr April 13th 2011.