GSK beat six other companies to the Sierra deal table and prevailed after initial $46 per share bid
Within weeks of Sierra Oncology revealing it had taken a failed Gilead JAK inhibitor and turned it into a Phase III success, GlaxoSmithKline swooped in for a piece of the potential earnings, should the drug, momelotinib, receive an FDA nod.
At first, the idea was a strategic partnership. But once GSK commercial chief Luke Miels was introduced to Sierra CEO Stephen Dilly, that changed.
Miels delivered a non-binding acquisition proposal of $46 cash per share on March 8. The offer inflated to $51 per share three days later, and eventually reached the final bid of $55 on April 2, according to a background of the eventual merger agreement, revealed in a Monday SEC filing.
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