NitroMed Gets Buyout Offer

12/4/08

Lexington, MA-based drug maker NitroMed (NASDAQ:NTMD) says it has received an unsolicited bid from investment group Deerfield Management—which already owns about 12 percent of NitroMed’s stock—to acquire NitroMed for 50 cents per share in cash, a 40-percent premium on its closing price today of 30 cents per share. The company says it’s evaluating the offer. The unsolicited bid follows the November 18 announcement of a proposed all-stock merger between NitroMed and Cambridge, MA-based biotech firm Archemix, which is pending approval from both firms’ shareholders and the sale of NitroMed’s heart failure drug BiDil (hydralazine and isosorbide dinitrate) to JHP Pharmaceuticals.

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