Tetraphase Pharmaceuticals, Inc. (TTPH)

[BuyOnDips]

TTPH—(+69%/AH)—receives unsolicited buyout offer from LJPC that trumps ACRX’s buyout deal announced on 3/16/20 (#msg-154357912):

https://www.sec.gov/Archives/edgar/data/920465/000092046520000067/exhibitfy20tetraphase.htm
Quote:
On behalf of La Jolla Pharmaceutical Company, I am pleased to submit this non-binding proposal to acquire 100% of the equity of Tetraphase Pharmaceuticals, Inc. for $22 million in cash plus an additional $12.5 million potentially payable under CVRs to be issued in the transaction. The $22 million upfront consideration would include amounts payable under the Black-Scholes put provisions in Tetraphase’s outstanding warrants and be subject to a minimum, to-be-agreed-upon closing net cash balance.

The terms of the CVRs would match those set forth in Tetraphase’s merger agreement with AcelRx Pharmaceuticals, Inc., except that payments pursuant to the CVRs would be made in cash instead of cash or stock at the acquiror’s option.