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Pin to quick picksGlaxosmithkline Share News (GSK)

Share Price Information for Glaxosmithkline (GSK)

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Share Price: 1,707.00
Bid: 1,707.00
Ask: 1,708.00
Change: 34.00 (2.03%)
Spread: 1.00 (0.059%)
Open: 1,685.50
High: 1,712.50
Low: 1,673.00
Prev. Close: 1,673.00
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UPDATE 2-InterMune taps banks as it braces for buyout bids -sources

Wed, 13th Aug 2014 17:49

(Adds share price, healthcare M&A activity)

By Soyoung Kim and Olivia Oran

NEW YORK, Aug 13 (Reuters) - Biotechnology company InterMuneInc is working with financial advisers to evaluatestrategic options as it braces for potential takeover interestfrom larger drugmakers, people familiar with the matter said.

InterMune is in the early stages of considering options,including a potential sale, and is not soliciting takeoveroffers, the people said on Wednesday, asking not to be namedbecause the matter is not public.

The drugmaker, which specializes in treating fatal scarringof the lungs and has a market value of more than $5 billion, isbeing advised by Centerview Partners and Goldman Sachs Group in its review, the people added.

A small number of drugmakers are in the early stages ofevaluating a potential offer for InterMune and are working withadvisers, but there is no guarantee one will materialize, thepeople said.

Shares of InterMune jumped 11 percent to $50.70 on Nasdaq onWednesday, giving it a market capitalization of nearly $5.5billion.

Representatives for Centerview could not be immediatelyreached for comment. Spokesmen for InterMune and Goldman Sachsdeclined to comment.

Separately, Bloomberg News reported on Wednesday thatInterMune has drawn takeover bids from Sanofi SA,Roche Holding AG, GlaxoSmithKline Plc andActelion Ltd. (http://bloom.bg/1kBEZJi)

Makers of orphan drugs such as InterMune, which developtreatments for rare diseases, are attractive for largerbiotechnology or pharmaceutical companies looking to offset adrop in sales as their patents on blockbuster products expire.

InterMune had considered selling itself about three yearsago and held discussions with potential buyers. They decided notto pursue a deal at that time due to uncertainty over data forthe company's pirfenidone drug, people familiar with the mattertold Reuters previously.

However, buyer interest has been rekindled this year afterthe company announced positive late-stage trial results forpirfenidone in February.

The drug treats idiopathic pulmonary fibrosis, or IPF, whichis characterized by a slow decline in lung function and has noknown cause.

Healthcare companies are merging at a record pace, withyear-to-date activity topping $345.9 billion, compared to $212.2billion in the year-ago period, according to Thomson Reutersdata.

Recent large deals have included AbbVie Inc's $54billion acquisition of Shire PLC, Medtronic Inc's acquisition of Covidien PLC for $42.9 billion,and Pfizer Inc's abortive $118 billion attempt to buyAstraZeneca PLC. (Reporting by Soyoung Kim and Olivia Oran in New York; Editingby James Dalgleish and Richard Chang)

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