Lexington, MA-based drug maker NitroMed (NASDAQ:[[ticker:NTMD]]) says it has received an unsolicited bid from investment group Deerfield Management—which already owns about 12 percent of NitroMed’s stock—to acquire NitroMed for 50 cents per share in cash, a 40-percent premium on its closing price today of 30 cents per share. The company says it’s evaluating the offer. The unsolicited bid follows the November 18 announcement of a proposed all-stock merger between NitroMed and Cambridge, MA-based biotech firm Archemix, which is pending approval from both firms’ shareholders and the sale of NitroMed’s heart failure drug BiDil (hydralazine and isosorbide dinitrate) to JHP Pharmaceuticals.
Author: Ryan McBride
Ryan is an award-winning business journalist who contributes to our life sciences and technology coverage. He was previously a staff writer for Mass High Tech, a Boston business and technology newspaper, where he and his colleagues won a national business journalism award from the Society of American Business Editors and Writers in 2008. In recent years, he has made regular TV appearances on New England Cable News.
Prior to MHT, Ryan covered the life sciences, technology, and energy sectors for Providence Business News. He graduated with honors from the University of Rhode Island in 2001 with a bachelor’s degree in communications. When he’s not chasing down news, Ryan enjoys mountain biking and skiing in his home state of Vermont.
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