Targanta Therapeutics Sold
TEL AVIV (MarketWatch) -- Targanta Therapeutics Corp., the Cambridge, Mass., biopharmaceutical company focused on antibiotics, agreed to be acquired by Medicines Co., the Parsippany, N.J., drugmaker, for at least $2 a share, or $42 million, the companies said in a statement late on Monday. Medicines also could pay as much as an additional $4.55 a share to Targanta shareholders if the company meets certain milestones within set time periods. The $2 basic deal price is a 72% premium over Targanta's closing price on Monday of $1.16, which was up 14 cents a share, or 14%. Both companies' boards have approved the terms, and Targanta's board urges holders to accept them. Holders of about 36% of Targanta have committed to vote for the transaction, the companies said. Medicines has financing for the deal, they said.
