Tomahawk, WI 08/14/2014 (Basicsmedia) – Europe’s biggest drug makers led by the likes of Sanofi SA (ADR) (NYSE:SNY) and GlaxoSmithKline plc (ADR) (NYSE:GSK) are said to be in a race against time, to table bids as they push to acquire InterMune Inc. (NASDAQ:ITMN) according to Bloomberg’s Su Keenan. InterMune looks set to be sold’ if an interesting offer comes out of the bidding war especially after appointing Goldman Sachs Group Inc. (NYSE:GS) and Centerview to assists in handling of bids tabled. The company’s market cap currently stands at $5 billion.
“Some of Europe’s biggest drug makers including Sanofi and Roche are among the bidders for the U.S biotech company, InterMune. [..]GlaxoSmithKline plc (ADR) (NYSE:GSK) is also said to be in the bidding. Goldman Sachs and Centerview are helping InterMune search through all the offers,” said Mrs. Keenan.
InterMune Inc. (NASDAQ:ITMN) stock was surging on Wednesday trading session after news emerged that a number of companies were highly interested in acquiring it. The company’s stock closed the day at a high of $52.06 after surging by 14.44%. Large drug makers have in the recent past been targeting large biotechnology companies as they look to bolster their drug pipelines.
This year alone, $6.2 billion worth of deals has been struck in the same space according to data compiled by Bloomberg almost twice the value of deals carried out in 2013. InterMune is currently developing its own medicine for idiopathic pulmonary fibrosis (IPH). The company last week posted a wider than expected second quarter loss although sales for its drug Esbriet more than doubled to $35.7 million from $14.4 million a year ago.
Before the 14.4% impressive gain registered yesterday, InterMune Inc. (NASDAQ:ITMN) stock had already more than tripled for the first half of the year on optimism that the company was in line to receive approval for its pirfenidone drug. The stock also looks set to be further bolstered by the latest bidding wars. Clinical trials in May showed that Pirfenidone was effective in slowing the progression of IPF considerably reducing mortality. The drug has already been designated as a breakthrough therapy by the FDA and is set to receive expedited review.