Japan's Mitsubishi Tanabe Pharma is offering to buy Israeli CNS specialist NeuroDerm for $1.1bn and the 79% pre-rumor stock price premium may put off other potential suitors.
Searching to replenish its drug pipeline, Japan's Mitsubishi Tanabe Pharma Corp. has "zeroed in" on NeuroDerm Ltd.'s promising stable of CNS assets, offering to buy the Israeli target for $1.1bn in cash, a price some analysts think will ensure no competing counter-offers materialize.
Terms of the transaction, backed unanimously by NeuroDerm’s board of directors, is $39 per share in cash, implying an equity...
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