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January 21, 2009
Nitromed: Someone Wants Them
Posted by Derek
Remember that NitroMed / Archemix deal that I mentioned briefly back in November? Well, it's not going so smoothly. One of the largest NitroMed shareholders, Deerfield Management, objected to the whole idea, and proposed buying the company itself.
Last week the company adjourned its shareholder meeting until yesterday to consider the offer, and yesterday they adjourned again. Deerfield started off at fifty cents per share, and has slowly raised its offer to $0.80. You have to think that that's the sort of behavior that they would have objected to in some other suitor for the company, but hey. . .
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1. Hap on January 21, 2009 2:23 PM writes...
Maybe someone's looking to get them cheap - if your target can't get funding another way, and you can make the alternative stock deal difficult, then... The other stockholders might get annoyed, though.
If DM doesn't get it cheap, the stockholders might be happier with an all-cash deal than with one involving stock, although you would have to ask what DM sees in them that the rest of their stockholders do not.
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