ViroPharma Said to Hire Goldman Amid Interest From Sanofi
By David Welch, Jeffrey McCracken & Matthew Campbell - Sep 13, 2013 1:07 PM ET
ViroPharma Inc. (VPHM), a producer of drugs that treat rare diseases, has attracted interest from suitors including European drugmakers Sanofi (SAN) and Shire Plc (SHP), said people with knowledge of the process. ViroPharma’s shares surged.
ViroPharma began working with Goldman Sachs Group Inc. on a possible auction after fielding an unsolicited approach, said the people, who asked not to be named because talks are private. Goldman Sachs has actively sought other suitors for the Exton, Pennsylvania-based drugmaker since then, said one person. ViroPharma’s market value was about $2 billion before Bloomberg’s report.
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ViroPharma Inc. Director Paul Brooke. Photographer: Daniel Acker/Bloomberg
The world’s top pharmaceutical and biotechnology companies have pursued acquisitions this year as they seek new drugs to replace products whose patents are expiring. After Amgen Inc.’s agreement to buy Onyx Pharmaceuticals Inc. (ONXX) for $10.4 billion in August, the value of deals in the two sectors has risen 14 percent from a year earlier to more than $70 billion, according to data compiled by Bloomberg.
ViroPharma shares advanced 22 percent to $37.18 as of 1:06 p.m. in New York, the most since August 2005. Representatives at Sanofi, ViroPharma, Shire and Goldman Sachs declined to comment.
Sales at ViroPharma rose almost 10 percent in the second quarter to $103.7 million, bolstered by its treatment Cinryze, which treats hereditary angioedema, an inflammatory condition. The company may report third-quarter results next month, according to data compiled by Bloomberg.
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