Retrophin, Transcept deal
Retrophin made a formal proposal to acquire all shares of Transcept that Retrophin does not already own for $4 per share in cash. The offer values the company at $75 million based on 18.8 million shares outstanding on Aug. 6. Retrophin's proposal will remain open until Sept. 30, and the company hopes to consummate the deal by Nov. 1. The $4 offer is a 20% premium to Transcept's close of $3.32 on Sept. 17, the day before Retrophin made its offer. Earlier this month, Retrophin sent a letter to Transcept's board proposing to acquire the shares for $3.50 per share. Transcept's board rejected the proposal and took steps to protect against a takeover bid. The companies could not be reached for details, including Retrophin's stake in Transcept.
Transcept and Purdue Pharma L.P. (Stamford, Conn.) market Intermezzo zolpidem in the U.S. to treat insomnia when a middle of the night awakening is followed by difficulty returning to sleep. Intermezzo is a low-dose sublingual formulation of zolpidem, a GABA A receptor modulator. ...