MedImmune to Mull Sale - TheStreet

MedImmune to Mull Sale

The company's shares rise 11%.
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MedImmune's

(MEDI)

shares rose 11% Thursday after the biotech outfit said it would start considering acquisition offers for the company.

The board has frequently considered various alternatives, but as recently as February reaffirmed its belief that the best course of action for MedImmune was to remain independent.

However, indications of interest by major pharmaceutical companies, coupled with the fact that some investors haven't been happy with MedImmune's stock price, led the board to authorize management to start sounding out potential buyers.

MedImmune said the process is "well under way." It has hired Goldman Sachs and Dewey Ballantine to serve as its advisers.

Shares of MedImmune were jumping $4.16 to $42 in premarket trading.