Got bought out by BMY for 2.4B. Now, BMY is reaping all the benefits of MEDX pipeline. IMGN at 1.94B with its technology now looking more attractive with the failure of ex-Wyeth's ADC technology. IMGN's pipeline is also getting more robust with each month that passes. With the current price movement, I think it is possible that an initial offer had been made. Bidding will get crazy with all the product partners as possible buyers. We may not get to see this get to $40 pps.
It's a similar pattern for IMGN. Just my own speculation. A bunch of us tried to stop BMY stealing MEDX.
It used to be 5/8 (2010), then 6 /8 (2011) and now 8/10 Board of Directors that have close ties to Bristol Myers as they prepare to buy IMGN with a majority of the Board approving a buy out. This is how they bought Medarex in 2009 by stacking the Board:
Stephen C. McCluski
• Chairman of the Board and only member with no direct ties to Bristol Myers Squibb
Daniel M. Junius
• President and CEO with no direct ties to Bristol Myers Squibb
• Ex-CEO of Medarex – Sold company to Bristol Myers 09/2009
• Ex- President of Chiron
Nicole Onetto, M.D.
• VP and Chief Medical Officer of ZymoGenetics (!?!) – the latter was sold to Bristol Myers 09/2010 in a very similar way as the tender offer for Medarex.
• Worked for Bristol Myers Squibb 1991-1997
Joseph J. Villafranca, Ph.D.
• Prior to 2002 he served in various executive positions at Bristol-Myers Squibb Company over a period of 11 years. He held numerous vice presidential positions at Bristol-Myers Squibb, including Vice President of Biologics Strategy and Biopharmaceutical Operations.
• Mr. Wallace’s experience prior to joining GSK included eight years with Bristol-Myers Squibb Company
• Mr. Skaletsky began his career with Bristol Myers Squibb where he worked in Financial Planning and Business Development.
Mark Goldberg (newly proposed member up for vote in AGM) replacing Mr. Mitchell Sayare (who had no ties to Bristol Myers Squibb)
• In his role as Chief Operating Officer (COO), Dr. Goldberg is leading PAREXEL’s global management team to capitalize on the strong market opportunity for global biopharmaceutical services. Meanwhile, in June 2010 it was announced that Bristol-Myers Squibb established a strategic partnership with PAREXEL to enable greater effectiveness in clinical development. PAREXEL will work collaboratively
I don't see BMS being involved if IMGN is eventually acquired, I would look for one of the current partnear, or a future partners for one of the newer compounds.
853 info was interesting, not sure we can draw too many conclusions for the new data. Some activity (3 PR's), some DLT's, a few potential indications were mentioned (ovarian, NSCLC), similar target to the ECYT drug, which is more advanced in development and has a companion diagnostic. The stock is indicating that positive things are happening at IMGN, maybe more than we retail investors know.
with all due respect, I think a $40 offer is a pipe dream, one that I would like to smoke, but a dream at this time. If sales ramp really fast and they hit on another drug, $40, or more is always possible, see REGN, CELG or the early days of AMGN, GENZ GILD and more.
That's what I mean by not getting to see pps at 40, if buyout happens too soon. If there is no buyout, we might get to $40 by next year if the wholly-owned and partnered products show more strong results to support valuation of the technology. 2014 is the validation year for the technology - IMGN needs one more indication with robust results.
901 results should be completing in June/July. Maybe the anticipated results from that, aside from ASCO updates, could be driving this recent move. Bayer and Biotest might also have updates in July/Aug.
The company would be dumb to sell out for less then 40.00......I'll take 40.00 right now, but would prefer to let it melt up......gradually. There is definately something cooking though, any selling gets snapped up.......