PRTK - Second Leading Independent Proxy Advisory Firm Glass Lewis Recommends Paratek Pharmaceuticals Stockholders Vote FOR the Acquisition by Gurnet Point Capital and Novo Holdings A/S | Benzinga
BOSTON, Sept. 12, 2023 (GLOBE NEWSWIRE) -- Paratek Pharmaceuticals, Inc. ("Paratek") (NASDAQ:PRTK), a commercial-stage biopharmaceutical company focused on the development and commercialization of novel therapies for life-threatening diseases and other public health threats, today announced that a second leading independent proxy advisor Glass, Lewis & Co. ("Glass Lewis") has recommended that stockholders vote FOR the Company's previously announced definitive agreement to be acquired by Gurnet Point Capital ("Gurnet Point") and Novo Holdings A/S ("Novo Holdings").
The Glass Lewis recommendation follows the recent receipt of the recommendation from Institutional Shareholder Services Inc. ("ISS") to vote FOR the transaction.
"We are pleased to receive the independent recommendations of both leading proxy advisory firms for the transaction. With the proxy deadline rapidly approaching, we remind all stockholders that every vote matters, no matter how many shares you may own. Stockholders are encouraged to vote FOR the transaction today," said Dr. Jeffrey Stein, Ph.D., Lead Independent Director of Paratek's board of directors (the "Board").
In recommending that Stockholders vote FOR the transaction, Glass Lewis* concluded:
"We find that the proposed transaction appears to be the result of a thorough sale process for Paratek that was undertaken by the board acting with the assistance of independent legal and financial advisors."
"We also note that Paratek shares have not closed above the total potential value of the proposed consideration … since the deal was announced … suggesting that market participants do not expect a more favorable offer to emerge at this time, in our view."
"Overall, we find that the proposed transaction appears generally reasonable from the perspective of Paratek shareholders…"
"…the upfront cash consideration represents a significant premium to the unaffected trading price of Paratek shares prior to media reports of a potential transaction."
"The CVR portion of the proposed consideration provides the potential for shareholders to receive meaningful additional value tied to the future sales performance of NUZYRA, the Company's lead commercial product."
*Permission to use quotations from the Glass Lewis report was neither sought nor obtained.
Glass Lewis and ISS are independent proxy advisory firms whose clients include many of the world's leading institutional investors. These investors rely on Glass Lewis and ISS's objective and impartial analysis to make important voting decisions.
Stockholders are urged to vote online today to ensure their votes are received on time. The deadline for online votes to be received is 11:59pm on September 17, 2023.
Stockholders who have questions about voting their proxy are encouraged to contact our proxy solicitor Morrow Sodali LLC at +1 (800) 662-5200 (toll-free in North America), +1 (203) 658-9400 (collect outside of North America) or PRTK@info.morrowsodali.com
About Paratek Pharmaceuticals, Inc.
Paratek Pharmaceuticals, Inc. is a commercial-stage biopharmaceutical company focused on the development and commercialization of novel therapies for life-threatening diseases and other public health threats.
The company's lead commercial product, NUZYRA® (omadacycline), is a once-daily oral and intravenous antibiotic available in the United States for the treatment of adults with community-acquired bacterial pneumonia (CABP) and acute bacterial skin and skin structure infections (ABSSSI). Paratek has a collaboration agreement with Zai Lab for the development and commercialization of omadacycline in the greater China region and retains all remaining global rights.
Paratek is also conducting a Phase 2b study with NUZYRA in a rare disease, nontuberculous mycobacterial (NTM) pulmonary disease, caused by Mycobacterium ...