deals, Life Sciences, pharmaceuticals

NitroMed Delays Vote on Drug Sale

Ryan McBride 1/14/09

NitroMed (NASDAQ:NTMD) says that its board of directors has opted to delay a shareholder vote from today until January 20 on the company’s proposed sale of all assets related to its heart drug for African Americans, isosorbide dinitrate/hydralazine hydrochloride (BiDil), to JHP Pharmaceuticals for about $26 million. The Lexington, MA-based firm says it has delayed the vote as it considers an unsolicited buyout offer made by investment firm and major NitroMed shareholder Deerfield Management, which has told the company its offer is worth 75 cents per share, up from its initial offer of 50 cents per share last month. NitroMed last year agreed to an all-stock merger with Cambridge, MA-based biotech firm Archemix, which must also be approved by shareholders.

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.