IDM Pharma surges on acquisition news
Shares of California-based IDM Pharma (NASDAQ: IDMI, Stock Forum) soared 53.5% to $2.61 Monday, after the company announced that Japan’s Takeda Pharmaceutical Company’s subsidiary, Takeda America Holdings, Inc., will acquire IDM for US$2.64 per share in an all cash tender offer followed by a merger.
Takeda's business unit responsible for global oncology strategy and development will have global development responsibility for IDM Pharma’s primary asset, MEPACT, a therapy for the treatment of malignant bone cancer, while Takeda Pharmaceuticals Europe will be responsible for commercializing MEPACT in Europe.
"MEPACT delivers a demonstrated survival advantage for young patients with a specific type of bone cancer and provides Takeda with an approved therapy that contributes immediately to our top-line growth," said Erich Brunn, CEO of Takeda Pharmaceuticals Europe Limited, Takeda's wholly-owned UK-based subsidiary for overseeing pan-European sales and marketing. "We envisage that the product will become a key driver in enhancing our European oncology franchise."
Copyright 2009 Stockhouse
