Tetraphase Announces Receipt of Amended Melinta Proposal, Determination of Superior Offer and Notice to AcelRx
TETRAPHASE PHARMACEUTICALS INC (TTPH)
Last tetraphase pharmaceuticals inc earnings: 3/11 09:29 pm
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Source: Business Wire
WATERTOWN, Mass.--(BUSINESS WIRE)--Tetraphase Pharmaceuticals, Inc. (Nasdaq:TTPH), a biopharmaceutical company focused on commercializing its novel tetracycline XERAVATM (eravacycline for injection) to treat serious and life-threatening infections, today announced that its Board of Directors has received a revised proposal from Melinta Therapeutics, Inc. (“Melinta”) amending its prior proposal to acquire the Company (the “Amended Melinta Proposal”), and has determined that the Amended Melinta Proposal is a “Superior Offer” under the terms of the Agreement and Plan of Merger, dated March 15, 2020 and amended on May 27, 2020, to which the Company is a party with AcelRx Pharmaceuticals, Inc. (“AcelRx”) and its merger subsidiary (the “AcelRx Merger Agreement”). In connection with this determination and in accordance with the terms of the AcelRx Merger Agreement, the Company has given notice to AcelRx of the Amended Melinta Proosal, the Superior Offer determination and of its intention
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