Swiss biotech Actelion CEO Jean-Paul Clozel endorses independence not acquisition
Swiss biotechnology company Actelion Ltd. CEO Jean-Paul Clozel believes maintaining independence is the best way to ensure value for the company’s shareholders. “We have 10 products in development,” and continued pursuit of those drugs, rather than an acquisition by another company, is the “best solution” for shareholders, CEO Jean-Paul Clozel said at the JP Morgan Healthcare conference.
Actelion shares have soared in recent months due to takeover speculation, particularly surrounding U.S. biotechnology giant Amgen (AMGN.O). But he said Any takeover at this point “would deprive shareholders of value created over the last 10 years,”
Actelion has been repeatedly named as a potential takeover target after the company ran into various drug development setbacks that hurt its share price. Chief Executive Jean-Paul Clozel, however, repeatedly has said the company wants to remain independent.
Swiss biotechnology firm Actelion Ltd. warned Monday that its full year 2010 non-GAAP earnings before tax or EBIT would come in below its guidance range. The company said it expects fiscal 2010 total net revenues have grown in the low-double digit range in local currencies.
Fiscal Year 2010 non-GAAP EBIT is expected to be slightly below the guided range of 21% to 24%, the company said, citing higher than expected legal costs as the main reason.
The company reiterated its 2011 financial outlook, with product sales in local currencies expected to increase in the mid-single digit range. Excluding contract revenues, 2011 non-GAAP EBIT in local currencies is expected to grow faster than product sales.
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