PDL BioPharma makes unsolicited bid for Neos Therapeutics
PDL BioPharma (Nasdaq: PDLI) has submitted an unsolicited proposal to acquire fellow US drugmaker Neos Therapeutics (Nasdaq: NEOS) for $10.25 per share in cash.
This all-cash transaction represents a premium of 40% to the closing price of Neos shares on October 25, 2017 and a premium of 41% to Neos' share price prior to PDL's initial proposal on June 23, which Neos promptly rejected. The PDL proposal is not subject to any financing conditions.
With 28.08 million shares outstanding, the bid would imply a deal value of $287.8 million. Neos share rose 9.6% pre-market, prior to trading being halted. PDL stock was 5.47% lower at $3.03 in mid-morning trading Thursday.
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