: iStockAnalyst.com Symbols Feed

NitroMed Could Be Worth $0.50+

Thu, 18 Dec 2008 17:52:00 GMT

NitroMed (NDAQ: NTMD) buyout offer from Archemix received some opposition from an activist hedge fund. Deerfield Partners said that the merger overvalues Archemix and contains numerous conflicts of interest. Moreover, Deerfield, which holds a 12% stake, offered to acquire the company for $0.50 a share, liquidate the company and distribute the proceeds to shareholders. This would represent a substantially higher value than the current offer on the table. The majority of NitroMed’s value can be found in its $17.8 million in cash, equivalents and short-term investments as of September 30th. The company also stands to get an additional $26.3 million from the pending sale of heart failure drug BilDil, which was approved for African-American patients in 2005 but never gained significant market share. Assuming these sales, NitroMed would have about $44[More...]

NitroMed Announces Closing of Acquisition and Determination of Final Merger Consideration

Fri, 24 Apr 2009 17:55:00 GMT

LEXINGTON, MA -- -- 04/24/09 -- NitroMed, Inc. announced today the closing of its acquisition by affiliates of Deerfield Management, a leading healthcare investment organization. Pursuant to the terms of the previously announced agreement and plan of merger, at the effective time of the merger each share of NitroMed common stock was automatically converted into the right to receive $0.8585 in cash, without interest. NitroMed stockholders will receive information in the mail on how to receive payment for their shares.[More...]

NitroMed Announces Agreement to Sell and License Patents and Patent Applications Related to Its Nitric Oxide Technology Platform and Stockholder Approval of Merger Agreement With Deerfield Management

Thu, 23 Apr 2009 11:48:00 GMT

NitroMed, Inc. (NASDAQ: NTMD) announced today that the company has entered into definitive agreements to sell and license certain patents and patent applications associated with NitroMed's nitric oxide based technology platform to NicOx, S.A. Pursuant to the terms of the agreements, NicOx will make an up-front payment of 2 million Euro to NitroMed, with an additional contingent payment to be made upon the future occurrence of certain milestone events.
The transaction will close upon NitroMed's receipt of the up-front payment.
Under the terms of the previously announced Agreement and Plan of Merger, dated as of January 27, 2009, by and among NitroMed and certain entities affiliated with Deerfield Management, if the foregoing up-front payment is received prior to the closing of the merger with Deerfield Management, that payment will be added to the merger consideration to be paid to NitroMed's stockholders.

[More...]

NitroMed Reports Financial Results for Fourth Quarter and Full Year 2008

Thu, 19 Mar 2009 21:22:00 GMT

NitroMed, Inc. (NASDAQ: NTMD) today reported financial results for the fourth quarter and the year ended December 31, 2008.[More...]

NitroMed Announces Agreement to Be Acquired by Deerfield Management; Terminates Agreements With Archemix Corp. and JHP Pharmaceuticals, LLC

Tue, 27 Jan 2009 16:42:00 GMT

LEXINGTON, MA -- -- 01/27/09 -- NitroMed, Inc. today announced that it entered into a merger agreement to be acquired by affiliates of Deerfield Management, a leading healthcare investment organization. Under the terms of the merger agreement with Deerfield, NitroMed stockholders will receive $.80 per share in cash, subject to adjustment for net cash balances at the closing of the merger. Prior to entering into the merger agreement with Deerfield, NitroMed terminated its previously announced purchase and sale agreement with JHP Pharmaceuticals, LLC and its previously announced merger agreement with Archemix Corp. in accordance with the terms of those agreements, including the payment of termination fees. In connection with the termination of the JHP purchase and sale agreement, NitroMed paid a fee of approximately $900,000 to JHP; and in connection with the termination of the Archemix merger agreement, NitroMed paid a $1.5 million fee to Archemix.[More...]

NitroMed Special Meeting of Stockholders Further Adjourned Today to Consider Higher Bid From Deerfield Management

Tue, 20 Jan 2009 16:25:00 GMT

The board of directors of NitroMed, Inc. (NASDAQ: NTMD) further adjourned its special meeting of stockholders, scheduled to be reconvened today to approve the sale of substantially all of NitroMed’s assets to JHP Pharmaceuticals, LLC, until January 27, 2009 at 10:00 a.m. at the offices of WilmerHale, 60 State Street, Boston, Massachusetts.[More...]

NitroMed Special Meeting of Stockholders Adjourned Today to Consider Higher Bid From Deerfield Management

Wed, 14 Jan 2009 18:14:00 GMT

The board of directors of NitroMed, Inc. (NASDAQ: NTMD) adjourned its special meeting of stockholders, scheduled for today to approve the sale of substantially all of NitroMed’s assets to JHP Pharmaceuticals, LLC, until January 20, 2009 at 10:00 a.m. at the offices of Wilmer Hale, 60 State Street, Boston, Massachusetts.[More...]

NitroMed Receives Revised Unsolicited Acquisition Proposal from Deerfield Management

Mon, 12 Jan 2009 18:56:00 GMT

NitroMed, Inc. (NASDAQ: NTMD) said today that on Friday, January 9, 2009, NitroMed received a letter from Deerfield Management increasing Deerfield’s unsolicited proposal to acquire the company from $0.50 per share in cash to $0.65 per share in cash. NitroMed also said that it is prepared to enter into discussions with Deerfield, subject to the obligations under NitroMed’s agreements with JHP Pharmaceuticals, LLC and Archemix Corp. There can be no assurance that any agreement will be reached with Deerfield for any transaction involving NitroMed.[More...]

NitroMed Confirms Receipt of Letter from Deerfield Management

Thu, 18 Dec 2008 20:11:00 GMT

NitroMed, Inc. (NASDAQ: NTMD) said today that Deerfield Management has responded to NitroMed’s communication regarding the company’s willingness to discuss Deerfield’s prior unsolicited proposal to acquire the company for $0.50 per share in cash. Contrary to NitroMed’s belief that Deerfield’s expression of interest was in lieu of NitroMed’s proposed merger with Archemix Corp., Deerfield stated that its proposal was in lieu of both the proposed sale of NitroMed’s BiDil® and BiDil XR™ drug business to JHP Pharmaceuticals, LLC and the proposed merger with Archemix. NitroMed’s directors and its advisors are reevaluating the Deerfield proposal in light of this clarification.[More...]

NitroMed Receives Unsolicited Acquisition Proposal from Deerfield Management

Thu, 04 Dec 2008 21:25:00 GMT

NitroMed, Inc. (NASDAQ: NTMD) said today that it has received an unsolicited proposal from Deerfield Management to acquire the company for $0.50 per share in cash. Deerfield Management currently owns approximately 12% of NitroMed’s common stock. NitroMed’s board and its advisors are evaluating the proposal.[More...]

NitroMed and Archemix Announce Merger Agreement

Tue, 18 Nov 2008 20:27:00 GMT

NitroMed, Inc. (NASDAQ: NTMD) and Archemix Corp., a privately-held biopharmaceutical company working to develop aptamer-based therapeutics, announced today that they have entered into a definitive merger agreement under which Archemix will merge with NitroMed in an all-stock transaction. Under the terms of the merger agreement, NitroMed will issue new shares of its common stock to Archemix stockholders based on an exchange ratio to be determined prior to the closing of the transaction. Under the exchange ratio formula defined in the merger agreement, the former Archemix stockholders are expected to own approximately 70 percent of the combined company, and the former NitroMed stockholders are expected to own approximately 30 percent of the combined company, each on a fully-diluted basis. This ratio is subject to potential adjustments as described in the merger agreement. The name of the company will be changed to Archemix Corp. and will be headquartered at Archemix’s offices in Cambridge, Massachusetts. The merger is subject to approval by Archemix’s and NitroMed’s stockholders and consummation of the previously-announced sale of NitroMed’s BiDil assets and other customary closing conditions.[More...]