XLRN - Acceleron top holder urges investors not to tender shares for Merck

Avoro Capital Advisors, a significant shareholder of Acceleron Pharma (XLRN +3.3%), has reiterated its opposition to the buyout offer made by Merck (MRK -1.2%). The third biggest shareholder of Acceleron (NASDAQ:XLRN) argues that the transaction “is ill-timed, undervalues the Company, and is the result of a wholly inadequate process.” Noting that the firm is committed to the success of the biotech and highlighting its potential to create “significant value” for investors in the future, Avoro urges fellow shareholders not to tender their shares into Merck’s (NYSE:MRK) offer at $180 per unit. The New York-based investment management firm also notes that several other large funds focused on biotechnology and the pharmaceutical industry have disclosed their opposition to the tender offer. The statement from Avoro comes a few hours after Merck (MRK) announced the extension of the tender offer until Nov. 18.

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Acceleron top holder urges investors not to tender shares for Merck