Ablynx Board Says Novo Nordisk’s Unsolicited $3.1 Billion Bid Undervalues It
January 8, 2018
Rare Daily Staff
Rare disease drug developer Ablynx, which is developing a new class of drugs dubbed “nanobodies,” said it received an unsolicited conditional proposal from Novo Nordisk to acquire all of the outstanding shares of Ablynx for $33.66 (€28.00) per share in case and a contingent value rights up to $3.01 (€2.50) tied to two upcoming material events.
Albynx said its board of directors, in consultation with financial and legal advisors, concluded that the Novo proposal “fundamentally undervalues Ablynx and its strong prospects for continued growth and value creation as it implements its long-term strategic plan of becoming a fully integrated biopharmaceutical company.”
The company revealed that the proposal, which was made December 22, followed a conditional proposal Novo made on December 7 to acquire Ablynx for $31.57.
“After careful consideration, the Ablynx board of directors unanimously determined that Novo Nordisk’s proposal is not in the best interests of the Company and its shareholders as it fundamentally undervalues caplacizumab, the Ablynx pipeline, platform, technology, people, and know how,” said Edwin Moses, CEO of Ablynx. “The Board sees no merit in ceding control of its assets without full upfront value recognition for shareholders and believes the proposed consideration and a complex instrument like a CVR does not constitute a basis for further discussions at this time.”
Ablynx lead therapeutic caplacizumab is being developed for the treatment of acquired thrombotic thrombocytopenic purpura, a rare, acute, life-threatening, autoimmune blood clotting disorder.
January 8, 2018
Photo: Edwin Moses, CEO of Ablynx
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