Paratek Pharmaceuticals Agrees To Be Taken Private By Gurnet Point And Novo Holdings For $462M

Author: Akanksha Bakshi | June 06, 2023 12:42pm

• Paratek Pharmaceuticals, Inc (NASDAQ:PRTK) has agreed to be acquired by Gurnet Point Capital and Novo Holdings A/S in a transaction valued at ~$462 million.
• Costs associated with the acquisition include taking on debt and assuming full payment of a contingent value right (CVR). 
• Gurnet Point and Novo Holdings will acquire all outstanding shares of Paratek for $2.15 per share in cash, plus a CVR of $0.85 per share payable upon the achievement of $320 million in U.S. NUZYRA net sales in any calendar year ending on or prior to December 31, 2026. 
• Debt financing of $175 million for this transaction will be provided by funds managed by Oaktree Capital Management, L.P. 
• Also Read: Why Paratek Pharmaceuticals Stock Is Plunging Today
• "This transaction will deliver immediate value to our shareholders at a substantial premium while allowing them to also benefit from the future value created by NUZYRA through the CVR," commented Evan Loh, M.D., Chief Executive Officer at Paratek. 
• The transaction is to close in the third quarter of 2023. Paratek will become a private company and not be traded on Nasdaq Global Market.
• Price Action: PRTK shares are trading higher by 13.2% at $2.22 on the last check Tuesday.

Posted In: PRTK