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Astex Pharmaceuticals, Inc. Message Board

  • buysell1929 buysell1929 Sep 13, 2013 1:05 PM Flag

    Non Disclosure dated July. Deal struck before PII results available.

    Based on the information in the tender filing it looks like the deal was struck and price set before the PII results were available.

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    • You do understand that an NDA signed in early July would still be valid in August and September? Of course, when they made the data public, no need anymore for an NDA to see it

      The "background of the offer" makes it rather clear that ASTX had the results before August 12 and so would have been able to provide them to the two companies that were still interested. There's a good chance that even the three companies that dropped out in early July because "they did not view sufficient value in Astex's current products and pipeline product candidates, to justify a premium to Astex's publicly traded valuation" saw the data before making their decisions.

      In any event, the data was public for two days before ASTX entered into exclusive negotiations with Otsuka - anybody, including those who had dropped out earlier could have made overtures. Only Otsuka was still interested in buying at the price management demanded.

      • 2 Replies to shareholder_boar
      • "There's a good chance that even the three companies that dropped out in early July because "they did not view sufficient value in Astex's current products and pipeline product candidates, to justify a premium to Astex's publicly traded valuation" saw the data before making their decisions."

        "There's a good chance" is not good enough. Not to make accusations, but from the outside looking in, it sounds like an offer could have been made that was so sweet to the Board that they may not have attempted to do the further due diligence on behalf of their shareholders. Shareholders should be able to expect that all previous potential bidders be explicitly invited to review any new data and be given full chance to reconsider their decisions. In any case, I'm glad it looks like it will be investigated.

      • If this is so, why not share the data with the public and all Astex shareholders would be happey to tender their shares. As you statew the data has been shared with several biotechs so no need not to disclose it but value now to Astex management and Osako to get this tender done.

        Your logic makes no sense unles you are an Astex board member.

    • I saw that but I think they knew more than you think. Astex released partial data to keep or let insiders r in the know institutions buy shares knowing what the sale price will be.

 
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