RGEN - Repligen gains after report of rejected takeover offer (update)
Update 4:40pm : Adds Repligen declining to comment.
- Repligen ( NASDAQ: RGEN ) briefly went positive after a report that the biotech firm rejected an unsolicited bid from Catalent ( NYSE: CTLT ).
- Repligen ( RGEN ) is said to have hired advisers for a takeover dense after reviewing the Catalent ( CTLT ) offer as too low, according to a Street Insider report. Catalent is not going away and plans to improve its offer. It wasn't known how much Catalent was willing to pay.
- Repligen ( RGEN ) declined to comment to Seeking Alpha, citing a policy of not discussing rumors.
- Repligen ( RGEN ) has a market cap of $14.2 billion, while Catalent ( CTLT ) is valued at $20.2 billion. RGEN shares are down year-to-date through Wednesday, while CTLT has dropped 12%.
- Last Tuesday Repligen surged 12% after it raised fiscal 2022 financial guidance.
- Catalent ( CTLT ) is scheduled to release Q4 results on Aug. 29.
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Repligen gains after report of rejected takeover offer (update)