Huffing and puffing over Quadrant
Inhale Therapeutic Systems Inc. had the legs cut from under its bid for drug delivery play Quadrant Healthcare plc last week, as Elan Corp. plc made a counter-offer for QTH, in which it already holds a stake. While neither INHL nor ELN would talk about their plans, the deal could be more important for INHL to leverage its core pulmonary delivery platform; by contrast, ELN already has assembled a diversified portfolio of delivery technologies.
On Friday, ELN (Dublin, Ireland), which already owns 7.2 percent of Quadrant (LSE:QTH, Nottingham, U.K.), offered 75p per share, valuing QTH at £52.3 million ($75.9 million). Earlier in the month, INHL offered to acquire QTH for 60p per share, or £41.8 million ($60.2 million) in cash (see BioCentury, Oct. 23). INHL said it is considering whether to change its offer following ELN's move...