AcelRx Pharma buy of Tetraphase scotched, as Melinta wins bidding war
Having last month amended its March offer to acquire Tetraphase Pharmaceuticals (Nasdaq: TTPH), California-based AcelRx Pharmaceuticals (Nasdaq: ACRX) today announced that it does not intend to revise further its offer under the terms of its previously announced agreement and it expects the agreement to be terminated by Tetraphase.
Tetraphase shares fell 8.2% at $2.24 on Wednesday, and were down a further 1.8% at $2.20 pre-market today. AcelRx’ shares dipped 1.5% to $1.31 pre-market today.
“Superior offer” from Melinta
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