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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Vice President

Alexandria Real Estate Equities

San Francisco, CA, USA