Northstar Neuroscience shares shot up 21 percent today after Tang Capital Partners announced it has offered $2.25 a share in cash to purchase the Seattle-based medical device company. Northstar’s stock collapsed on Jan. 22, falling 83 percent to $1.36 a share, after it said its lead product candidate failed to restore arm movement for stroke patients in a clinical trial. Northstar shares climbed 31 cents to $1.81 at 2:32 p.m. Eastern time today after Tang announced its bid. The offer represents a 50 percent premium over Northstar’s price on July 1, Tang said in the statement.
Author: Luke Timmerman
Luke is an award-winning journalist specializing in life sciences. He has served as national biotechnology editor for Xconomy and national biotechnology reporter for Bloomberg News. Luke got started covering life sciences at The Seattle Times, where he was the lead reporter on an investigation of doctors who leaked confidential information about clinical trials to investors. The story won the Scripps Howard National Journalism Award and several other national prizes. Luke holds a bachelor’s degree in journalism from the University of Wisconsin-Madison, and during the 2005-2006 academic year, he was a Knight Science Journalism Fellow at MIT.
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