BRIEF—Unanimous rejection by Neos of PDL takeover offer

US modified-release drug delivery specialist Neos Therapeutics today announced that its board of directors has unanimously rejected the October 26 unsolicited proposal from PDL BioPharma to acquire all of the outstanding shares of Neos for $10.25 per share in cash.

Neos noted that PDL's October proposal, which valued the company at around $287.8 million, is identical in all material respects to proposals received in June, July and September from PDL, which were also reviewed and unanimously rejected by the Neos Board.

After a comprehensive review, conducted in consultation with its financial and legal advisors, the Neos board affirmed its previous determinations that PDL's proposal undervalues Neos, does not reflect Neos' strategic value and future prospects for continued growth and value creation, and is not in the best interests of the company or Neos shareholders.