How Takeda won a $5.2B bidding war — against itself
In the end, Takeda CEO Christophe Weber was bidding against himself in the negotiations to acquire Ariad $ARIA.
In an SEC filing posted today Ariad spelled out the back and forth that occurred between the biotech and its pharma buyer. Starting at $20 a share, Takeda had no problem getting the attention of the board at Ariad. But Ariad’s board never managed to get any new bidder to the table, shrugged off by the three companies the board felt were the most likely to make an auction really interesting.
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