Crucial days for Fisons
Saturday 30 September 1995
The most interesting element of yesterday's final defence document from Fisons was a piece of trivia. To reinforce its case, Fisons quotes Fred Franks, head of the healthcare sector at Lehmans, as saying that the sale by Fisons of its research and development arm is a paradigm for other medium-sized European drugs companies to follow. The fact that Mr Franks is husband to the woman heading the bidding advisory team from Rhone-Poulenc Rorer, though wholly irrelevant, provides some light amusement.
But that is a sideshow to the bid, as unfortunately for Stuart Wallis, chief executive of Fisons, is much of yesterday's document. The three drug deals it unveiled will not add much if anything to earnings before the end of the decade. In the meantime, rivals will not be standing still. Already, for instance, Zeneca and SmithKline Beecham are producing a more patient-friendly tablet form of the leukotriene antagonist asthma treatment which Fisons has now signed up to develop for use in its inhaler with Ciba-Geigy. Meanwhile, the forecast that underlying profits from pharmaceuticals - the bit Fisons will be left with if all the current disposals go through - will top pounds 118m this year hardly comes as a surprise to the market.
To be fair to Mr Wallis, he never promised any white knights or a blockbuster deal and has consistently refused to be deflected in his strategy by the attentions of RPR. There is no reason to believe that, left to his own devices, more substantial joint venture deals would not follow the start made yesterday. But he looks unlikely to get the chance.
This coming week will be crucial. RPR has until Friday to revise its bid terms. It will be frantically canvassing the views of the institutions over the coming days. The message it is likely to receive is that a further 20p a share might clinch it.
- 1 Universities aren't working us hard enough, say undergraduates
- 2 Lego letter from the 1970s still offers a powerful message to parents 40 years later
- 3 To help fuel their propaganda machine against the poor, our government has now decided to redefine the word 'welfare'
- 4 Woman opens professional cuddling shop – gets 10,000 customers in first week
- 5 Grayson Perry: London needs affordable housing because 'rich people don't create culture'
Heroin to be prescribed to Canadian addicts by doctors
Tower Bridge glass walkway 'smashed' by night-time visitor dropping bottle of beer
Charing Cross fire: Station closed and 100 evacuated over blaze on train
Woman opens professional cuddling shop – gets 10,000 customers in first week
Revealed: the case against Bill Cosby – through the stories of his accusers
Rochester by-election: Ukip gains second MP as Tory defector Mark Reckless holds seat
'Beast of Bolsover' Dennis Skinner takes Ukip MP Mark Reckless to task moments after he is sworn in
Rochester by-election: Labour MP Emily Thornberry resigns after posting white van and England flags tweet
France 'blocks' Russian sailors from boarding a warship
Rochester aftermath: Sacking of Emily Thornberry will make work of Labour MPs '10 times harder'
Revealed: How the world gets rich – from privatising British public services
iJobs Money & Business
Voluntary Only - Expenses Reimbursed: Reach Volunteering: Age Concern Slough a...
Voluntary Only - Expenses Reimbursed: Reach Volunteering: Crossroads Care is s...
£20000 - £25000 per annum + OTE £35,000: SThree: We consistently strive to be ...
£50000 - £90000 per annum + benefits: Ampersand Consulting LLP: Markit EDM (CA...