12:00 AM
Jun 20, 2005
 |  BioCentury  |  Strategy

Vicuron: Take the money now

Vicuron Pharmaceuticals Inc. suggests that its shareholders might ultimately have seen the $1.9 billion valuation provided in last week's takeout deal with Pfizer Inc., but there was no reason to wait with an 84% premium, in cash, on the table.

Meanwhile, the pharma company says the acquisition was driven by two things: a need to compensate for the patent expirations of antibiotics Diflucan fluconazole and Zithromax azithromycin and good synergies between the companies' anti-infective portfolios, which include the pending NDAs for anidulafungin and dalbavancin from Vicuron (MICU; NMerc:MICU).

PFE (New York, N.Y.) will pay $29.10 per share for MICU (King of Prussia, Penn.), an 84% premium to MICU's $15.80 close on Wednesday, the day before the deal was announced, and a 74% premium to MICU's 90-day average closing price prior to the announcement. The valuation is 21% above MICU's highest historical closing price of $24.10...

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