AstraZeneca "to miss out on US drug deal" - sources
Receptos is said to have rebuffed $200 per share bid approach from AstraZeneca
Drug giant AstraZeneca (LON:AZN) is set to miss out on a potential US takeover that could boost its line-up of new drugs, it emerged on Tuesday.
AstraZeneca had approached Receptos (NASDAQ:RCPT) about a potential $200 per share offer for the US pharmaceutical group, which develops therapeutics for immune disorders, according to market sources.
Two rivals, Israeli generic drug group Teva Pharmaceutical Industries (NASDAQ:TEVA) and US company Gilead Sciences (NASDAQ:GILD), are also understood to have proposed offering $280 per share for Receptos, which has a market capitalisation of $5.1bn.
But Nasdaq-listed Receptos, whose shares closed on Monday at $156.6, is said to have rejected all the possible bids, claiming they undervalued it.
It is instead believed to be prepared to accept an offer in the region of $350 per share.
"AstraZeneca has been looking to buy it but they're not going to get it," a source said.
An AstraZeneca spokesman said: "We wouldn't comment on market rumour or speculation."
AstraZeneca is on the lookout for acquisitions after fending off a hostile £69bn takeover bid from US rival Pfizer (NASDAQ:PFE) last year.
In its defence against Pfizer, the company predicted annual revenues would rise by more than 75% to $45bn by 2023.
It is targeting new treatments in oncology, in respiratory, inflammation and autoimmune diseases and in cardiovascular and metabolic conditions.
In November, it bought the rights for the development and commercialisation of Almirall's proprietary respiratory business.
And in the same month, its global biologics research and development arm Medimmune agreed to acquire privately owned Definiens, which has an imaging and data analysis technology to identify biomarkers in tumour tissue.
Meanwhile, Teva is involved in a war of words with Mylan Laboratories after the generic drug rival rejected its unsolicited $40bn takeover bid.