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Pfizer , a pharmaceutical company, and Johnson & Johnson , a manufacturer and sale of a range of products in the healthcare field, duked it out in a bidding war for Global Blood Therapeutics , a biopharmaceutical company, days before Pfizer won with a $5.4bn offer this month.
The proxy shows that J&J spent more than two months vying for Global Blood against Pfizer and one other potential buyer before being outbid at the last minute. The bidding war underscores how biotech companies with later-stage assets have become prized takeover targets for Big Pharma, even as volatile markets upend the broader dealmaking landscape, Bloomberg reported.
Pfizer agreed on August 8, 2022, to buy GBT for $68.5 per share, clinching a company whose therapy for sickle-cell disease is viewed as one of the more promising drugs to treat the inherited disorder that in the US mainly afflicts Black people.
Pfizer is advised by Goldman Sachs , Morgan Stanley and Wachtell, Lipton, Rosen & Katz . Financial advisors were advised by Sullivan & Cromwell LLP . Global Blood is advised by Centerview Partners , J.P. Morgan , Cravath, Swaine & Moore LLP and Goodwin .
Rio Tinto , a metals and mining corporation, on Wednesday raised its offer to buy about 49% of Canada's Turquoise Hill Resources Ltd , a mineral exploration and development company, it does not already own to $3.1bn, Reuters reported.
“Rio Tinto believes this offer not only provides full and fair value for Turquoise Hill shareholders, but is in the best interests of all stakeholders as we work to move the Oyu Tolgoi project forward. We will continue to take a disciplined approach to capital allocation and strongly encourage the Board of Turquoise Hill to engage constructively, and to support and recommend in favour of Rio Tinto’s improved proposal,” ob Stausholm, Rio Tinto CEO.
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Turquoise Hill Resources is advised by BMO Capital Markets , TD Securities and Blake, Cassels & Graydon LLP . Rio Tinto is advised by Credit Suisse , RBC Capital Markets , Rothschild & Co , McCarthy Tétrault and Sullivan & Cromwell LLP .
Mana Capital Acquisition, a SPAC, announced that its Board of Directors had approved an extension of the period available to the company to consummate its $175m initial business combination with Cardio Diagnostics Inc. , a cardiovascular medicine company, by one month from August 26, 2022, to September 26, 2022.
Mana Capital is advised by Benchmark . Cardio Diagnostics is advised by Becker & Poliakoff, P.A. and Shartsis Friese LLP .
Biolog-id , a developer of digital health solutions, agreed to go public via a SPAC merger with Genesis Growth Tech Acquisition Corp. in a $312m.
"Genesis believes that Biolog-id's proven technology, combined with the clear demand in the digital health space, makes this an attractive investment for our shareholders. We are pleased and proud to partner up with Biolog-id's leadership team on their mission to optimize the manufacturing, distribution, and utilization of sensitive health products. We are excited about the significant operational, clinical, and financial benefits for patients, providers, payors, and other elements of the healthcare supply chain," Eyal Perez, Genesis Growth Tech Acquisition Chairman and CEO.
Biolog-id is advised by Carey Olsen , Charles Russell Speechlys , Mintz and LifeSci Communications . Genesis Growth Tech is advised by Allen & Overy , Conyers Dill & Pearman and O'Melveny & Myers LLP .
Etteplan , a technology service company, agreed to acquire Semcon , a Swedish multinational technology company, for $253m.
“We have closely followed the successful transformation of Semcon during the last years – a journey that bears a resemblance to how Etteplan has evolved throughout its history. I strongly believe that the combination of Etteplan and Semcon makes sense from all angles. To us both as companies, the combination would mean a step-change in growth potential. It would allow us to provide more comprehensive and diverse services for our customers globally and to be an even more attractive collaboration partner for customers, suppliers, and other important stakeholders alike," Juha Näkki, Etteplan President and CEO.
Etteplan is advised by Bird & Bird and Evli . Semcon is advised by Danske Bank , PwC and Vinge .
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