Neos Therapeutics, the US pharmaceutical company that has turned down PDL Biopharma Inc’s takeover approach, will consider offers from other possible suitors.
Investment bank Jefferies will work with the company to explore options and discuss a deal with other possible acquirers. Neos found PDL’s offer of nearly U$300m cash to be inadequate.
Sources say that if PDL offers more money, a deal could be met, although they said no transaction was certain.
Jason Butler, an equity researcher at JP Morgan, says that Neos’ fair value is around US$30 per share. Over the past year, shares have traded between US$10.90 and US$4.85.