Sanofi Antitrust Filing On Regeneron (REGN) Lights Up Rumor Mill
Tweet Send to a Friend
Up)
The biotech rumor mill is in overdrive Monday after Regeneron Pharmaceuticals (NASDAQ: REGN) disclosed that it received an antitrust notification from Sanofi (NYSE: SNY) stating that it intends to acquire Common Stock of Regeneron in the open market, or through other transactions. Sanofi stake in Regeneron will be above $500 million, triggering the Hart-Scott-Rodino Antitrust Improvements Act of 1976 notification.
Given the nature of the news, Regeneron halted its stock before distributing the news.
Some see the overture by Sanofi as an indication that it sought, or seeks to acquire the entire company. Possibly, already having a hostile bid rejected.
In addition to the antitrust notification, under an Investor Agreement between Regeneron and Sanofi dated as of December 20, 2007, as amended, Sanofi is bound by certain "standstill" provisions including an agreement not to acquire more than 30% of the outstanding shares of Regeneron's class A stock and common stock.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
Given the nature of the news, Regeneron halted its stock before distributing the news.
Some see the overture by Sanofi as an indication that it sought, or seeks to acquire the entire company. Possibly, already having a hostile bid rejected.
In addition to the antitrust notification, under an Investor Agreement between Regeneron and Sanofi dated as of December 20, 2007, as amended, Sanofi is bound by certain "standstill" provisions including an agreement not to acquire more than 30% of the outstanding shares of Regeneron's class A stock and common stock.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- Yahoo! (YHOO) Board Said to Approve $1.1B Tumblr Deal
- UPDATE: Dish Network (DISH) CEO Offers $2 Billion for Lightsquared Spectrum - Bloomberg
- SoundBite (SDBT) Acquired by Genesy for $5/Share
Create E-mail Alert Related Categories
Hot List, Hot M&A, Mergers and Acquisitions, Rumors
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
