Biotech Values

[DewDiligence]

SUPN acquires ADMS for $8.10/sh cash_plus_non-tradeable CVRs:

https://www.globenewswire.com/news-release/2021/10/11/2311671/19871/en/Supernus-Pharmaceuticals-to-Acquire-Adamas-Pharmaceuticals-Strengthening-its-CNS-Product-Portfolio.html

The buyout price—excluding the CVRs—is a 76% premium to Friday’s close. The nominal deal value is $400M.

The CVR payouts are as follows:

• $0.50 per share payable if in any four consecutive quarters between closing and the end of 2024, net sales of GOCOVRI achieving $150 million, and

• another $0.50 per share payable if in any four consecutive quarters between closing and the end of 2025, net sales of GOCOVRI achieving $225 million.