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Vectura slumps as Sosei 'has no attention of making an offer'
(WebFG News) - Japenese biopharmaceutical company Sosei confirmed that, contrary to recent press speculation about a possible offer for inhaler specialist Vectura, it did not intend to make a bid.
However, to ensure it wasn't completely out of the conversation for a potential acquisition of the pharmaceuticals company, Sosei left some breathing room for itself by pointing to Rule 2.8 of the UK Panel on Takeovers and Mergers' code of conduct.
Note 2 of Rule 2.8 states that Sosei, and any person acting in concert with it, reserves the right to set aside the restrictions in Rule 2.8 with the agreement of the board of Vectura, if any third party announces a firm intention to make an offer for Vectura, if Vectura announces a "whitewash" proposal, or if there has been a material change of circumstances.
In other news, Vectura's chief financial officer Andrew Derodra announced on Friday that he would be leaving respiratory medicines maker to take a new role within the industry, agreeing to take up the vacant post of finance head at diagnostic services company Unilabs.
As of 1530 BST, Vectura shares, which began to slip shortly after the announcement, were down 6.38% to 81.45p and more than 50% lower than last year's highs.
Vectura has been hit by delays to the US regulatory approval for a generic version of GlaxoSmithKline's Advair Diskus asthma drug developed in partnership with Hikma. The pair said last month they will carry out further clinical trials after the US Food & Drug Administration called for 'major' amendments to their new drug application.