Northstar Neuroscience Rejects Tang Capital’s Unsolicited Takeover Bid

Luke Timmerman7/8/08

Northstar Neuroscience has rejected an unsolicited takeover bid from Tang Capital Partners. The Seattle-based company, developer of an electrical stimulation treatment for stroke patients, said today it wouldn’t accept Tang’s bid of $2.25 a share, because it “is not in the best interest of all shareholders.” Northstar (NASDAQ: NSTR) rose 2 cents to $1.86 at 11:33 a.m. Eastern time. As we discussed last week, Northstar has turned to Boston-based investment bank Leerink Swann to “evaluate strategic alternatives.”

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.