TRC Capital’s mini-tender offer irritates a flustered Biogen

TRC资本拟要约收购50万股股票,惹恼百健公司

2019-05-21 17:28:00 ENDPOINTS NEWS

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TRC Capital’s trademark mini-tender offer strategy has peeved an anemic Biogen, which is still licking its wounds following the catastrophic failure of its Alzheimer’s drug aducanumab. On Monday, Biogen said it had learned that TRC has sought to purchase up to 500,000 shares of Biogen’s stock at a price of $216.25 per share in cash, which is a discount of 4.41% to the closing price of the drugmaker’s shares on May 10 — the last business day prior to the commencement of the offer. “Biogen does not endorse TRC Capital’s unsolicited mini-tender offer and recommends that stockholders do not tender their shares in response to TRC Capital’s offer…,” the company said in a statement, urging its shareholders to exercise caution. Investors tend to flock to tender offers because they provide the rare prospect of selling securities at a premium above market price. However,  mini-tender offers – for less than 5% of a company’s stock — can catch the unseasoned investor by surprise, as they may assume that the price offered includes the premium usually present in larger tender offers. Eventually, they learn that they cannot withdraw from the offer and may end up selling their shares at below-market prices. Another pertinent difference is that mini-tender offers typically do not provide the same disclosure and procedural protections as traditional tender offers. “With most mini-tender offers, investors typically feel pressured to tender their shares quickly without having solid information about the offer or the people behind it. And they’ve been shocked to learn that they generally cannot withdraw from mini-tender offers,” the SEC has warned. For TRC, their trademark strategy is winning, as it allows them to aggressively pursue a ‘buy low, sell high’ scheme. They launch the mini-tender offer and then have the opportunity of selling any shares tendered to pocket the difference. Just this year, they have various mini-tender offers across the industry, triggering the ire of companies such as PepsiCo, Visa, Northrop Grumman and DXC Technology. TRC has also made a number of such offers in the past within the field of biopharma, to companies including Pfizer, Alexion and Ionis. TRC’s Biogen offer — scheduled to expire on June 12 — constitutes 0.26% of Biogen shares outstanding, as of the May 13. But the Cambridge, Massachusetts-based drugmaker $BIIB has bigger problems on its plate. The bellwether biotech — ahead of the competition for its flagship SMA treatment Spinraza — has beefed up its board in recent months to placate its increasingly disenchanted shareholder base that has seen the company cultivate its late-stage pipeline around the all-but-dead amyloid beta approach. Its critics are less worried about the board, and more interested in M&A, given the company’s parched pipeline and the potential for stagnant long-term growth.
TRC Capital 的标志性迷你要约收购策略让人眼睁睁地看着一种贫血的百健(Biogen)基因,在阿尔茨海默症药物阿杜卡马布( Aducanumab )灾难性失败后,该基因仍在舔伤口。 Biogen 周一表示,已获悉 TRC 已寻求以每股216.25美元现金的价格购买多达50万股百健(Biogen)股票,较5月10日(即要约开始前最后一个营业日)制药商股票收盘价有4.41%的折扣。 “百健(Biogen)不支持 TRC Capital 主动提出的小额收购要约,建议股东不应响应 TRC Capital 的收购要约而投标其股份……”该公司在一份声明中表示,敦促其股东谨慎行事。 投资者倾向于竞相出价,因为它们提供了以高于市场价格的溢价出售证券的罕见前景。然而,小型要约收购——收购一家公司不到5%的股份——可能会令不知情的投资者大吃一惊,因为他们可能会认为,要约收购的价格包含了较大规模要约收购中通常存在的溢价。最终,他们知道,他们不能撤回报价,最终可能会以低于市场的价格出售他们的股票。 另一个相关的区别是,迷你要约通常不提供与传统要约相同的披露和程序保护。 “在大多数迷你要约收购中,投资者通常会感到压力,要求他们在没有关于要约或要约背后的人的可靠信息的情况下迅速收购自己的股份。SEC 警告称:“他们得知,他们一般不能撤回迷你要约,这让他们感到震惊。” 对于 TRC 来说,他们的商标策略正在赢得胜利,因为这使得他们能够积极地推行“低买高卖”计划。他们启动了迷你要约收购,然后有机会出售任何投标的股票,以赚取差价。 就在今年,它们在整个行业都有各种小型招标,引发了百事可乐( PepsiCo )、维萨( Visa )、诺斯罗普•格鲁曼( Northrop Grumman )和 DXC Technology 等公司的愤怒。TRC 过去也曾在生物制药领域向辉瑞( Pfizer )、亚力兄(Alexion)和 Ionis 等公司发出过许多此类要约。 截至5月13日, TRC 的 Biogen 报价(定于6月12日到期)占百健(Biogen)流通股的0.26%。 但总部位于马萨诸塞州剑桥市的制药商亿美元的 IB 在其平板上存在更大的问题。在争夺其旗舰 SMA 治疗药物 Spiraza 的竞争之前,这家领头羊生物科技公司最近几个月加强了董事会,以安抚其日益缺乏信心的股东基础。在这种基础上,该公司在全已死亡的淀粉样蛋白 beta 方法上培育了后期产品线。鉴于该公司渠道狭窄,长期增长可能停滞,批评人士对董事会不太担心,对并购更感兴趣。

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