Mer­ck da­ta and a tum­bling stock price cost Ar­mo's in­vestors $320M-plus in Eli Lil­ly buy­out

Usu­al­ly, be­ing pa­tient in an M&A deal is a big help to the sell­er. You nev­er take the first of­fer. You al­ways want more.

In Ar­mo’s case, though, that first of­fer turned out to be sig­nif­i­cant­ly bet­ter than the fi­nal deal that was left on the ta­ble from Eli Lil­ly.

The biotech spelled out the back-and-forth about its sale in an SEC fil­ing this week, start­ing with a note that the top ex­ecs turned out at JP­Mor­gan with the clear mes­sage that they were up for a buy­out of­fer.

Unlock this article instantly by becoming a free subscriber.

You’ll get access to free articles each month, plus you can customize what newsletters get delivered to your inbox each week, including breaking news.

SIGN UP LOG IN BECOME A PREMIUM SUBSCRIBER