BVF buys up Celera
Biotechnology Value Fund buying Celera shares; seeks alternative to Quest M&A
Biotechnology Value Fund is putting its money where its mouth is by buying up shares of Celera Corp. (NASDAQ:CRA).
The firm has been objecting to the acquisition of Celera by Quest Diagnostics Inc. (NYSE:DGX) for $8 a share, or about $670.8 million in cash. The price was a 28% premium to Celera's close of $6.27 before the deal was announced.
BVF wants Quest to pay more and has said it is in discussions with third parties to acquire some or all of Celera.
From March 23 to April 14, BVF increased its Celera stake by 1.2 million shares from 12% to 13.4%, even though the shares