The Maryland company finally gives in and hires Goldman Sachs to find a buyer. After months of pressure from shareholders - and the recent emergence of Carl Icahn as one of those shareholders - this seemed inevitable.

“As recently as February of this year, the board re-affirmed, and the company publicly disclosed, the board’s belief that the best way for the company to maximize value for its stockholders is to aggressively implement its business plan,” reads the official statement.

“However, indications of interest by major pharmaceutical companies, coupled with recent expressions by certain stockholders of dissatisfaction with the company’s short-term stock price performance, have led the board to authorize management to gather information regarding possible strategic interest in acquiring the company.”

The move comes just two days after MedImmune signaled its first-quarter earnings would be impressive. Ironic? Perhaps. That could also be interpreted as the equivalent of painting the house before putting out the ‘for sale’ sign.

Earlier this year, MedImmune stunned investors by disclosing a follow-up to a big drug would be delayed, and posted disappointing sales of a key drug. By then, one institutional investor, David Katz of Matrix Asset Advisors, was in the midst of a seemingly futile letter-writing campaign to the board, arguing for a sale. The board politely blew him off.

One other thing. The board also hired the Dewey Ballantine law firm to assist.

More here….
MedImmune’s statement;
The earnings preview drew headlines this week;
In February, Katz Pressured MedImmune.
[tags]Carl Icahn, MedImmune[/tags]