glaxosmithkline plc-spon adr (GSK) Snapshot

Elder Pharmaceuticals (BSE:532322) has reportedly mandated Ernst & Young and Nomura Securities to manage a formal process to find a buyer through a negotiated transaction. The company's advisors are currently doing a vendor due-diligence at the corporate office in Mumbai to review the business ahead of offering assets to a potential buyer, said two people close to the transaction. "Vendor due-diligence is on for the last two weeks. Some days, it goes on till late in the evening. It is done with the help of a virtual data room. A clearer picture of potential buyers will emerge in the next 15 days," one of the two people quoted above said. Alok Saxena, Managing Director, Elder Pharmaceuticals, said in an e-mail response: "These are just market rumours." According to Economic Times, Ernst & Young and Nomura did not answer specific queries on the subject. The promoters' move to sell the company has sparked interest from India's large pharma companies and multinationals as it helps them access three brands including popular calcium supplement Shelcal. Pharma multinationals such as Pfizer Inc. (NYSE:PFE); GlaxoSmithKline plc (LSE:GSK); and Sanofi (ENXTPA:SAN) and some Japanese companies are understood to be among the players that have evinced an initial interest. Some are in the process of appointing bankers ahead of signing non-disclosure agreements. According to Economic Times, Pfizer, Sanofi and GSK did not answer specific queries on the subject. The company is likely to be valued at INR 30 billion as promoters of Indian pharma companies recently cashed out at a valuation of three to four times of annual sales of their respective companies.

GlaxoSmithKline plc Presents at Goldman Sachs 34th Annual Global Healthcare Conference, Jun-12-2013 10:00 AM. Venue: Terranea Resort, Rancho Palos Verdes, California, United States.

MorphoSys AG announced that they have entered into a global agreement with GlaxoSmithKline (GSK) to develop and commercialize MOR103. MOR103 is MorphoSys's proprietary HuCAL-derived antibody against GM CSF, which has concluded Phase 1/2 development in mild to moderate rheumatoid arthritis. Under the terms of the agreement, GSK will assume responsibility for all subsequent development and commercialization of MOR103. As part of the agreement, MorphoSys receives an immediate upfront payment of EUR 22.5 million.