Here's Why Bristol Myers Squibb Can't Miss Out on Aurinia Pharmaceuticals
On Oct. 22, Bloomberg News reported that Bristol Myers Squibb (NYSE: BMY) was considering a takeover bid for the autoimmune drugmaker Aurinia Pharmaceuticals (NASDAQ: AUPH). Since then, additional rumors have surfaced that other pharma giants such as GlaxoSmithKline (NYSE: GSK), Roche, and Otsuka Pharmaceuticals may also be in negotiations to acquire the midcap biopharma.
As a direct result, Aurinia's shares have vaulted higher by an impressive 45% in less than two weeks' time. Despite these various claims, however, a formal merger agreement has yet to materialize. GlaxoSmithKline, in fact, went as far as to publicly deny interest in acquiring Aurinia just two days ago. Here is a look at what could be holding up a deal and why Bristol is probably the most likely suitor in this case.
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Source Fool.com