BioCentury
ARTICLE | Company News

Vivus, Aspen Investment Fund deal

June 2, 2014 7:00 AM UTC

Investment firm Aspen plans to submit by June 13 a non-binding offer to acquire Vivus for about $640 million, according to an SEC filing last week. The amount would value the company at $6.19 per share based on 103.3 million Vivus shares outstanding as of April 23 - a 33% premium to the biotech's close of $4.67 on May 27, before the planned offer was disclosed. The investment firm disclosed in its SEC filing that it purchased a 9.65% stake for about $46.3 million and that Vivus' stock "is undervalued and is an attractive investment." Vivus declined to comment. ...