Reuters: Global Markets: Optimer Pharma exploring sale, shares jump

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Optimer Pharma exploring sale, shares jump Feb 27th 2013, 16:09 Wed Feb 27, 2013 11:09am EST (Reuters) - Optimer Pharmaceuticals Inc (OPTR.O) said it was exploring a possible sale of the company among a full range of alternatives and replaced its chief executive as part of a review of compliance issues, sending its shares up 18.8 percent. The company, which makes diarrhea drug Dificid, said Chairman Henry McKinnell would act as chief executive during its strategic review. He will replace Pedro Lichtinger, CEO since 2010. Optimer's independent directors recommended management changes following compliance and conflict-of-interest issues observed during a review. The company also replaced Chief Compliance Officer Kurt Hartman with Meredith Schaum. Optimer sacked co-founder Michael Chang as chairman last April after subsidiary Optimer Biotechnology Inc (OBI) granted him 1.5 million shares. The company had also removed its finance chief and a vice president for not acting despite having knowledge of the share transfer. "I think the strategic alternatives announcement is more a result of determining that management was doing some things it should not have been doing and this is really a way for shareholders to get out of it," said Brian Skorney, an analyst at Robert W. Baird & Co. Optimer, which owned 43 percent in OBI until April, divested the stake for $60 million in early October. Analyst Skorney said Pfizer could be interested in buying Optimer, given that new CEO McKinnell served in the same capacity at the pharmaceutical giant between 2001 and 2006. Optimer on Wednesday estimated fourth-quarter net income of 2 cents per share. The company will report results on Thursday. Analysts on average expected a loss of 38 cents per share, according to Thomson Reuters I/B/E/S. Optimer said Difficid, its only product in the market, is expected to bring in gross sales of $21.3 million for the fourth quarter. J.P. Morgan and Centerview Partners will advise Optimer on the review process, with Sullivan & Cromwell LLP serving as legal adviser. Shares of Optimer, which has a market capitalization of about $511.3 million excluding Wednesday's gain, were up 14 percent at $12.24 on the Nasdaq. The stock, which has fallen about 45 percent since April, touched a high of $12.74 earlier in the day. (Reporting by Zeba Siddiqui and Pallavi Ail in Bangalore; Editing by Joyjeet Das and Sriraj Kalluvila) Link this Share this Digg this Email Reprints

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