Life Sciences, Deal, M&A
NitroMed Gets Buyout Offer
Ryan McBride 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.
Ryan McBride is Xconomy's correspondent. You can reach him at rmcbride@xconomy.com, or follow him on Twitter at http://twitter.com/Ryan_McBride.
