|
|
Article: Two major investors challenge ShireOs $1.6M bid for TKT.(Shire Pharmaceuticals Group PLC)(Transkaryotic Therapies Inc)(Brief Article)
- Article from:
- Pharma Marketletter
- Article date:
- July 11, 2005
CopyrightCOPYRIGHT 2005 Marketletter Publications Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
While it has been generally assumed that UK-based Shire Pharmaceuticals' $1.6 billion offer to acquire US firm Transkaryotic Therapies was proceeding smoothly (Marketletter May 2), two institutional shareholders are challenging the deal, according to filings with the US Securities and Exchange Commission.
The two, which together hold over 14% of TKT's shares, said the price was too cheap and the firm would do better by developing its products and promising drug pipeline on its own.
'"We are writing to express our extreme disappointment," say Alex Porter and Paul Orlin of New York-based Porter Orlin, one of the shareholders, in a letter to TKT's board of ...