Revance Therapeutics Inc (RVNC)

[stockbettor]

Alder has released its Form 14D-9 describing the reasons for Alder's directors recommending shareholder acceptance of Lundbeck's tender offer announced over a week ago. Of interest, Lundbeck's offer arose out of Alder's initial pursuit of an ex-US marketing deal for its migraine treatment, which began prior to the JP Morgan conference in January 2019. Lundbeck was one of a number of companies submitting bids for the ex-US rights, but it also indicated interest in a buyout of Alder. The 2 companies engaged in parallel negotiations for both the ex-US rights and the buyout alternative through August, with Alder finally choosing the buyout in September.

The full history of the negotiations begins at page 12 of the 14D-9, which is linked here: https://investor.alderbio.com/node/10856/html
Note that RVNC was one of the 16 companies selected by Alder's financial advisor, Clearview Partners, to develop a current price range of equity values for comparison purposes to Lundbeck's offer.

A more condensed version of this history can be found here: https://www.fiercepharma.com/pharma/alder-wanted-ex-u-s-partner-for-its-cgrp-drug-but-lundbeck-went-for-whole-thing

Endpoints also has a report today, but to see it in its entirety you need a subscription, which is free: https://endpts.com/lundbecks-deborah-dunsire-didnt-just-want-an-ex-us-deal-for-alders-migraine-drug-she-wanted-the-whole-world/