Northstar Neuroscience has rejected an unsolicited takeover bid from Tang Capital Partners. The Seattle-based company, developer of an electrical stimulation treatment for stroke patients, said today it wouldn’t accept Tang’s bid of $2.25 a share, because it “is not in the best interest of all shareholders.” Northstar (NASDAQ: [[ticker:NSTR]]) rose 2 cents to $1.86 at 11:33 a.m. Eastern time. As we discussed last week, Northstar has turned to Boston-based investment bank Leerink Swann to “evaluate strategic alternatives.”
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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