Sarissa calls ARIAD buyout 'great outcome' for shareholders
Sarissa Capital's Chief Investment Officer and Founding Partner Alexander Denner issued a statement regarding ARIAD Pharmaceuticals' agreement to be acquired by Takeda Pharmaceutical for $24 per share in cash. The statement reads, "This transaction is a great outcome for ARIAD shareholders and brings hope to improve the lives of many cancer patients. It has been a pleasure to work with our outstanding management team and, on behalf of the board of directors, I extend our deepest gratitude to everyone at ARIAD for their unrelenting dedication. The transaction also underscores the tremendous value that shareholder activism can create for shareholders, patients and society. While ARIAD's stock price was collapsing and many investors were abandoning the company, Sarissa Capital saw a company with important drugs and innovation and stepped in to become one of ARIAD's largest shareholders. However, many things needed to be fixed before the value could be realized. With a new board and management team, ARIAD was able to focus on optimal capital allocation and operational excellence. As a result, the company created meaningful shareholder value and advanced the options for those suffering from rare cancers." ARIAD shares closed yesterday up $10.01, or 73%, to $23.75.