The pharmaceutical giant says a deal is not good for shareholders

Alexion Pharmaceuticals will not obey Elliott Management’s demand for a “proactive sale.” The company says that the process of seeking a buyer doesn’t suit shareholder interest. The biotech firm has worked to maintain control of its market share for drugs treating rare blood disorders. Following news that it would not engage in a sales process, the firm’s stock popped on Friday.

“Our board considered, among other factors, that it is highly unusual, if not unprecedented, for a biopharmaceutical company of our size and maturity to proactively launch a sale process,” the firm said in a press release. “We do not believe this approach is the best path for driving shareholder value.”

Alexion Pharmaceuticals Rejects Elliott Management

The company also stated that it has not received any offers.

“To eliminate confusion and inaccurate information in the marketplace, to date, Alexion has not received any indications of interest to acquire the company nor have we rejected any such inbound proposals,” the company said.

The firm says it has not received any offers. However, Alexion said that it would evaluate any “legitimate” offers in accordance with its fiduciary duty to shareholders.

Finally, Alexion’s top-performing drug is Solaris, which treats two blood diseases, an autoimmune deficiency, and a muscular condition. Roughly 86% of its 2018 sales came from this drug.

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