Tesaro Inc., a drugmaker whose shares tumbled this month after disclosing disappointing drug results, is exploring a sale, according to people familiar with the matter.
The Waltham, Massachusetts-based company is working with financial advisers after receiving takeover interest, said the people, who asked not to be identified because the matter isn’t public. Advisers have also begun contacting other potential suitors, they said.
No decision has been made and the company could opt to remain independent, they said.
Surprising that such a generic narrative caused a 31% pop.
GSK acquires TSRO for $75/sh cash—a 182% premium relative to TSRO’s closing price on 11/15/18, the day before Bloomberg cited M&A discussions (#msg-144945059):
TSRO’s main asset is Zejula (one of three approved PARP inhibitors), which is currently selling at an annualized rate of ~$250M based on a narrow label that will likely be expanded.