Here's the rest of the PNU story. Sounds like he's after the first/second tier ("several billions" "products already on the market") - there's not a lot of those.
Hassan, in a telephone interview, said he planned to begin the acquisition efforts ''this year or next year,'' although he cautioned it was impossible to guarantee any timeframe for clinching such deals.
He said P&U could afford to go after companies ''worth several billions of dollars'' and was most interested in biotech concerns located in the United States, although it might also target companies located in Europe and Asia.
Hassan assumed charge of P&U in May 1997, leaving his post as second in command of New Jersey-based drugmaker American Home Products Corp (NYSE:AHP - news).
While at American Home Products, Hassan was instrumental in that company's major acquisitions, including American Cyanamid and the biotech company Genetics Institute. ''So I'm very confident of making a move if one comes along to buy a biotech company,'' Hassan said.
Hassan declined to say which biotech companies he was most interested in, but said it would be ''helpful'' if they had promising drug pipelines, and especially if they had pharmaceutical products already on the market.
Last month, Warner-Lambert Co (NYSE:WLA - news) shook up Wall Street by announcing it had signed a definitive agreement to buy Agouron
Pharmaceuticals Inc (Nasdaq:AGPH - news), a California biotech company
which markets Viracept, the world's top-selling protease inhibitor against the HIV virus that causes AIDS.
Earlier Wednesday P&U reported fourth quarter diluted per share earnings of $0.45, matching the consensus forecast of analysts polled by First Call. Hassan said the company was confident of achieving double-digit earnings growth this year and beyond 1999.
In particular, Hassan told Reuters he was confident of reaching 1999 per share earnings of $1.80. |
