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.
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