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OptiNose Inc (NASDAQ:OPTN) shares are trading higher Thursday after Paratek Pharmaceuticals announced a deal to acquire the company.
What Happened: Late Wednesday, Paratek Pharmaceuticals and OptiNose announced they entered into a definitive merger agreement in which Paratek will acquire OptiNose for approximately $300 million, or up to $14 per share.
The deal includes OptiNose’s approved product XHANCE. The consideration will include the payment of contingent value rights tied to future commercial milestones.
Paratek said the acquisition expands its commercial portfolio and strengthens its position as a multi-product company focused on specialty therapies for primary care providers and specialists.
“Paratek, with its robust commercial and medical capabilities, has the potential to rapidly extend awareness of XHANCE to primary care providers who treat the majority of patients with CRS,” said Ramy Mahmoud, CEO of OptiNose.
Under terms of the agreement, Paratek will acquire all of OptiNose’s outstanding shares for $9 per share in cash, plus up to $5 per share in contingent value rights related to certain milestones achieved by XHANCE.
The boards of both companies have unanimously approved the deal. The transaction is expected to close as early as mid-2025.
OPTN Price Action: OptiNose shares were up 58.7% at $9.52 at the time of publication Thursday, according to Benzinga Pro.
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Posted In: OPTN
