Neose Technologies, Inc. (Nasdaq GM: NTEC), a clinical-stage biopharmaceutical company focused on the development of next-generation therapeutic proteins that are competitive with best-in-class protein drugs currently on the market, recently announced that the company has signed definitive asset purchase agreements with Novo Nordisk A/S (NVO) and BioGeneriX AG, providing for the sale of substantially all of the assets of Neose in all-cash transactions for a purchase price of approximately $43 million.
Pending stockholder approval, the preliminary estimate of aggregate distribution amounts represents $0.27 to $0.45 per share of common stock. Pursuant to the terms of the common stock purchase warrants issued in connection with the company’s March 2007 equity financing, each warrant holder has an option to receive a cash payment within 30 days of the closing of the asset sales in exchange for such holder’s warrants.
Neose Technologies’ president and chief executive officer, George J. Vergis, Ph.D., commented, “The announcement of these asset sales follows an extensive review of a range of strategic alternatives for the company, including obtaining further financing to continue as an independent entity and exploring mergers and acquisitions. We believe that the sale of these assets to our existing collaborative partners maximizes stockholder value and increases the probability that patients will benefit from the continued development of drug candidates that incorporate our intellectual property.”
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