Satsuma Pharmaceuticals (NASDAQ: STSA) shares have more than doubled premarket after it was announced Sunday evening that Shin Nippon Biomedical Laboratories (SNBL) will acquire the company.
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SNBL will pay $0.91 per share in cash at the transaction’s close, plus one non-tradeable contingent value right (CVR) of up to $5.77 per share.
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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Satsuma shares are currently trading 156% above Friday’s close in premarket trading at the $1.68 level.
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The CVR is payable according to the future license, sale, or any other monetization events related to STS101, an investigational therapeutic product candidate for the acute treatment of migraines.
Satsuma submitted a New Drug Application (NDA) to the US Food and Drug Administration (FDA) in March for STS101.
“We believe that STS101 will contribute to improving the quality of life of patients suffering from migraine,” commented Dr. Ryoichi Nagata, Chairman and President of SNBL.
Meanwhile, President and Chief Executive Officer of Satsuma, John Kollins, stated: “After carefully and comprehensively considering strategic options for Satsuma and STS101, the Satsuma Board of Directors believes that the acquisition of Satsuma by SNBL is the best strategic alternative for Satsuma and that this transaction will maximize value for our stockholders.”
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