PDL BioPharma drops pursuit of Neos
PDL BioPharma (Nasdaq: PDLI) today officially announced it will no longer pursue its proposed acquisition of US modified-release drug delivery specialist Neos Therapeutics (Nasdaq: NEOS).
While PDL's last public disclosure announced its proposal expired on November 8, 2017, PDL has maintained its interest until recently making the decision to not make any further proposals. PDL offered $10.25 per share in cash for Neos.
John McLaughlin, chief executive of PDL, stated: "While we believe we have provided a compelling opportunity for Neos' shareholders, we were unable to agree on terms that were in the best interest of our shareholders. We continue to pursue other opportunities and be disciplined in the process."
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