Paratek Agrees to $462 Million Buyout
Transaction expected to provide shareholders with immediate value.
Image Credit: Adobe Stock Images/ArenaCreative
Paratek Pharmaceuticals, a commercial-stage biopharmaceutical company, has announced an agreement to be acquired by Gurnet Point Capital and Novo Holdings. As part of the deal, the purchasing organizations will assume all debt and responsibilities associated with the purchase. The upfront payment at closing represents a premium of 41% over the closing price of Paratek's common stock as of May 31, 2023, which was the last full trading day prior to market speculation regarding a potential sale of the company.
"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, M.D., Chief Executive Officer at Paratek. "Today's announcement is a testament to all we've accomplished at Paratek over the past several years. 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 lifesaving, transformative therapies to patients."
Reference: Paratek Pharmaceuticals to be Acquired by Gurnet Point Capital and Novo Holdings. Paratek Pharma. June 6, 2023. Accessed June 7, 2023. https://www.paratekpharma.com/investor-relations/press-release
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