NitroMed ponders revised offer from Deerfield
The board of directors of USA-based NitroMed have further adjourned its special meeting of stockholders, scheduled to be reconvened January 20 to approve the sale of substantially all of NitroMed's assets to JHP Pharmaceuticals, until January 27.
NitroMed said that Deerfield Management had revised its previously-disclosed offer to acquire the firm that the latter estimated would be for at least $0.75 per share to around $0.80 a share, subject to adjustment for NitroMed's net cash balances at closing.
NitroMed is currently engaged in discussions regarding the Deerfield proposal, subject to the obligations under its agreements with JHP Pharmaceuticals, and Archemix Corp. There can be no assurance that NitroMed and Deerfield will reach any agreement as to any alternative proposal to the previously-announced transactions with JHP Pharmaceuticals and Archemix.
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