Northstar Neuroscience Shares Climb on Tang Capital Bid
Luke Timmerman7/2/08
Northstar Neuroscience shares shot up 21 percent today after Tang Capital Partners announced it has offered $2.25 a share in cash to purchase the Seattle-based medical device company. Northstar’s stock collapsed on Jan. 22, falling 83 percent to $1.36 a share, after it said its lead product candidate failed to restore arm movement for stroke patients in a clinical trial. Northstar shares climbed 31 cents to $1.81 at 2:32 p.m. Eastern time today after Tang announced its bid. The offer represents a 50 percent premium over Northstar’s price on July 1, Tang said in the statement.
Luke Timmerman is the National Biotech Editor of Xconomy, and the Editor of Xconomy Seattle. E-mail him at ltimmerman@xconomy.com or follow him on Twitter at twitter.com/ldtimmerman.
