PRTK - Paratek Pharmaceuticals to be taken private in deal worth up to $462M

2023-06-06 10:40:57 ET

Antibiotic developer Paratek Pharmaceuticals ( NASDAQ: PRTK ) has agreed to be taken private by Gurnet Point Capital and Novo Holdings, the investment arm of the Novo Nordisk Foundation, for up to approximately $462M.

Under the deal, the investment firms will pay $2.15 per share in cash upfront. Shareholders will also receive contingent value rights worth $0.85 per share payable if Paratek's lead drug, an antibiotic called Nuzyra, achieves US net sales of $320M in any calendar year before 2027, according to a statement.

The companies said the upfront cash payment represents a 41% premium over Paratek's closing price on May 31, the last session before market speculation emerged about a possible takeover deal.

The acquisition is expected to close in Q3, after which Paratek's shares will cease trading on Nasdaq.

More on Paratek:

Paratek Pharmaceuticals jumps amid report about takeover interest

Paratek a new buy at Jefferies on growing antibiotics business

Paratek Pharmaceuticals up 20% on takeout speculation - report

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