MedImmune Is On The Block

MedImmune's directors have authorized management to find out if third parties have an interest in acquiring the Gaithersburg, Md., biotech firm at a price and on terms that would give its stockholders better value than they would receive if it continues on a stand-alone basis. As late as February, the board reaffirmed that the best way to maximize value was to aggressively implement its existing business plan. The company says its latest decision to seek buyers comes on indications of interest by unnamed major pharmaceutical companies coupled with recent expressions of stockholder dissatisfaction with its stock price performance.