Earth to Capetola: Resign in disgrace and let the board sell the company. You've hurt shareholders enough already.


Carlton A. writes, "Is Micromet ( MITI) the next antibody company to be bought out now that Bristol-Myers Squibb ( BMY) bought Medarex ( MEDX)?"

I received a bunch of emails similar to this one right after Bristol announced its $2.1 billion acquisition of Medarex on July 23.

The thinking goes something like this: Companies like Medarex and Micromet that possess biologic antibody technology are in short supply and in demand by larger drug companies. With Medarex now spoken for, it's more likely that a Bristol competitor makes a takeout play for Micromet.

Sure enough, Micromet's stock price moved slightly higher on the speculation and the company used the new investor interest to raise $70 million in a follow-on stock offering priced Wednesday night.

I don't know if Micromet is, or is not, an imminent takeover candidate. The company owns a novel and interesting antibody technology platform. I wrote about interim data from a phase II study of the company's lead drug blinatumomab in June.

Last March, AstraZeneca ( AZN) returned North American rights for blinatumomab to Micromet, although AstraZeneca continued to manufacture the drug for Microment and retained a one-time option to reacquire rights to the drug upon its first regulatory approval.

However, Micromet is reportedly buying back AstraZeneca's remaining option on blinatumomab for $6 million, according to an investor who was briefed by Micromet during meetings this week tied to the follow-on offering. Furthermore, AstraZeneca will no longer manufacture the drug for Micromet, which is now contemplating plans to build its own facility to make the drug.

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