Sarepta Therapeutics Inc SRPT 2.25% shares are up more than 6.5 percent Friday after the company reported first-quarter net revenue from EXONDYS 51 of $16.3 million and guided for $95 million in revenue for the full year, up from previous guidance of $80 million. In addition to the revenue beat, the stock’s bullish trading action may be in response to another developing story.
In Other News…
In addition to the earnings report, Sarepta CEO Ed Kaye announced Thursday he will be stepping down from the position. At the same time, Sanofi SA (ADR) SNY 0.33% executive Jean-Paul Kress, M.D., announced he will be stepping down from Sarepta’s board of directors, citing “a possible conflict of interest associated with his future endeavors.”
TheStreet’s Adam Feuerstein speculates the timing of the two managerial shifts may not be coincidence; Sanofi may be setting the stage for a Sarepta buyout.
Sanofi recently failed in attempts to acquire Medivation Inc and Actelion Ltd ALIOF 0.84%, so the pharma giant is likely still on the hunt for targets. Feuerstein noted Sanofi’s Genzyme unit will soon open up a new headquarters in Boston, “right around the corner” from Sarepta’s headquarters.
Sarepta shareholders have been…
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