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.
After coaxing Weber to $24 a share, Ariad ended up grabbing the deal, gaining a 74% premium for its stock.
That was an offer they couldn’t refuse.
CEO Paris Panayiotopoulos, who took the helm a little more than a year ago, has a golden parachute that pays out $24,847,335. CFO Manmeet Soni gets $13,390,226.
And what did Takeda get for its $5.2 billion? A controversial drug, Iclusig, that it jacked the price on repeatedly in 2016 and the late-stage drug brigatinib, billed as a possible blockbuster. Weber has a ways to go before proving he made the right decision, but he’s moving fast to overhaul the aging Takeda into a fleet-footed global player in biopharma.
Sometimes, he’s racing against himself.
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