Thrills, chills, a final offer from Bob Bradway and a hardball threat from 'Party E': the insider look at the $4B ChemoCentryx deal
Back in the spring of 2020, as ChemoCentryx was preparing to embark on the long and complicated march to an FDA approval for its rare disease drug avacopan, the top team took up a common exercise. Should the biotech go it alone, making the transition — if the OK came through — to a commercial operation? Or should it seek out a deal?
And what would that look like?
So began a process that would play out over the next two and a half years, ultimately leading them to a $3.7 billion buyout as Amgen’s Bob Bradway bid up to $52 a share $CCXI, and then dug in. In between, their share price, which had just spiked in early 2020, would go on a wild roller coaster ride, plunging a little more than a year later before rising again. And it’s all spelled out in a backgrounder filing with the SEC.
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