NitroMed (NASDAQ:[[ticker:NTMD]]) says that its board of directors has opted to delay a shareholder vote from today until January 20 on the company’s proposed sale of all assets related to its heart drug for African Americans, isosorbide dinitrate/hydralazine hydrochloride (BiDil), to JHP Pharmaceuticals for about $26 million. The Lexington, MA-based firm says it has delayed the vote as it considers an unsolicited buyout offer made by investment firm and major NitroMed shareholder Deerfield Management, which has told the company its offer is worth 75 cents per share, up from its initial offer of 50 cents per share last month. NitroMed last year agreed to an all-stock merger with Cambridge, MA-based biotech firm Archemix, which must also be approved by shareholders.
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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