By Colin Kellaher
Paratek Pharmaceuticals shares rose more than 10% on Tuesday after the biopharmaceutical company agreed to be acquired in a deal worth up to $462 million, including assumed debt.
Shareholders of the Boston company would receive an initial $2.15 a share in cash, a 9.7% premium to Monday’s closing price and nearly 41% above Paratek’s closing price of $1.53 on May 31, before takeover speculation began swirling around the company.
The deal also includes contingent value rights tied to sales of Paratek’s Nuzyra antibiotic that could be worth another 85 cents a share, for total potential consideration of $3 a share.
Paratek shares were recently changing hands at $2.21, up 13%.
Gurnet Point Capital, a healthcare fund that invests in de-risked life sciences companies, and Novo Holdings, the Danish holding and investment company that is the controlling shareholder of Novo Nordisk, are teaming up to acquire Paratek, aided by $175 million in debt financing from funds managed by Oaktree Capital Management.
Write to Colin Kellaher at [email protected]
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