TTPH > La Jolla Pharma Offers to Buy Tetraphase Pharma for $43M Plus Value Rights
6:25 am ET June 22, 2020 (Dow Jones) Print
By Chris Wack
Tetraphase Pharmaceuticals Inc. said Monday it received an unsolicited proposal to be acquired by La Jolla Pharmaceutical Co. for $43 million in cash, plus an additional $16 million in cash potentially payable under contingent value rights.
The company said its board of directors determined the La Jolla proposal is superior to the one made by Melinta Therapeutics Inc. and has notified Melinta of its intention to consider changing its recommendation of the tender offer unless Melinta proposes revisions to its terms.
Under the Melinta merger agreement, Melinta would acquire Tetraphase through a cash tender offer by its subsidiary for $39 million in cash, plus CVRs representing the right to receive cash consideration based on the achievement of certain sales milestones of up to $16 million.
Tetraphase said its board continues to recommend the offer under the Melinta merger agreement, isn't modifying or withdrawing its recommendation and isn't making any recommendation on the La Jolla proposal.
News 
Market Data 
Discover 
