STSA - Shin Nippon Biomedical agrees to acquire Satsuma Pharmaceuticals for $0.91 in cash per share

2023-04-17 00:46:49 ET

• Satsuma Pharmaceuticals ( NASDAQ: STSA ) agrees to be acquired by Shin Nippon Biomedical Laboratories for $0.91 in cash per share at the closing of the transaction plus one non-tradeable contingent value right of up to $5.77/share.
• The contingent value right is payable pursuant to the future sale, license, or any other monetization events related to STS101, a novel investigational therapeutic product candidate for the acute treatment of migraine.
• Satsuma submitted a New Drug Application to the U.S. Food and Drug Administration in March 2023 for STS101, which incorporates nasal powder formulation and delivery device technologies developed by SNBL and exclusively licensed by Satsuma.
• With the goal of maximizing value for stockholders, Satsuma’s Board has carefully considered strategic options for Satsuma and STS101 and fully supports this transaction with SNBL.
• Satsuma board recommends that Satsuma stockholders tender their shares in the Tender Offer.

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