Voor de overname- speculators: aardige marktinformatie over de biotech m&a markt naar aanleiding van overnamebod Roche op Spark Thearapeutics. Gemiddelde overname premium 45% in de afgelopen 5 jaar...
Roche will pay $114.50 a share for Philadelphia-based Spark, a 122 percent premium to the biotechnology company’s Friday close. While the price is rich, Spark shares were trading above $90 as recently as last year. Roche said its offer was a 19 percent premium to Spark’s 52-week intraday high.
Along with French biopharmaceutical company Ipsen SA’s agreement Monday to acquire Clementia Pharmaceuticals Inc. for as much as $1.3 billion, the Roche deal shows how drug companies are placing big bets on the fraught but lucrative field of rare diseases.
Gene therapies, in particular, are a promising new area of medicine with the potential to cure a wide range of often-rare diseases by replacing or repairing errors in the body’s instruction manual. Their amazing potential has been matched by breakthrough prices, as companies have sought to charge hundreds of thousands of dollars for them -- or more.
The Roche deal’s premium is an outlier, but recent pharmaceutical deals have come with rich valuations. Acquirers paid an average 45 percent premium in takeovers of listed pharmaceutical and biotechnology companies announced over the past five years, data compiled by Bloomberg show.