GSK plcGSK chief commercial officer Luke Miels says the company is looking at M&A targets that are under-appreciated worth $1 billion-$2.5 billion and avoid getting into a ‘bidding war.’
Luke added that GSK is looking to acquire or partner with biotechs’ hiding in plain sight’ to expand its pipeline.
Earlier this year, GSK acquired Sierra Oncology for $55 per share in cash, representing an approximate total equity value of $1.9 billion (£1.5 billion).
Miels, according to Financial Times, said he was now spending far more time than usual on business development as he hopes to secure drugs that will be approved in the medium term.
GSK is trying to rebuild its capability in oncology after the previous management team exited the field via a 2015 deal with Novartis AGNVS.
But analysts say that GSK’s efforts so far have been lackluster and aggravated last month when the company had to withdraw its Blenrep drug from the U.S. market after a negative trial result.
Miels said there was the potential for GSK to refile for approval for Blenrep based on other studies that had yet to report results.
Price Action: GSK shares are up 0.31% at $35.24 on the last check Friday.
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