Shares of Paratek Pharmaceuticals, Inc. PRTK, a commercial-stage biopharmaceutical company, are up Tuesday after the company announced that it entered into a definitive agreement to be acquired by Gurnet Point Capital and Novo Holdings.
What To Know: In the transaction, valued at approximately $462 million, Gurnet Point Capital and Novo Holdings will acquire all outstanding shares of Paratek for $2.15 per share in cash, plus a CVR of 85 cents per share payable upon the achievement of $320 million in U.S. NUZYRA net sales. It includes the assumption of debt and assuming full payment of a Contingent Value Right (CVR).
"This transaction will deliver immediate value to our shareholders at a substantial premium while allowing them to also benefit from the future value created by NUZYRA through the CVR," said Evan Loh, CEO at Paratek.
"Both our Board of Directors and our management team are proud of Paratek's accomplishments with NUZYRA and look forward to Gurnet Point and Novo Holdings continuing to deliver upon our goal of providing life-saving, transformative therapies to patients," said Loh.
The transaction is expected to close in the third quarter of 2023.
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PRTK Price Action: Shares of PRTK wereup 11.7% at $2.19 at the time of publication, according to Benzinga Pro.
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