Pardes Biosciences, a leading biotech company, has announced that it will be acquired by MediPacific. This news has caused Pardes Biosciences shares to surge by 15% to reach an impressive price of $2.13 per share.
The acquisition deal includes a cash offer of no less than $2.02 per share, accompanied by an additional cash amount of up to 17 cents per share. The final price per share will be determined based on the company's net cash at closing, as well as a non-tradeable contingent value right linked to potential future monetization of its Covid-19 antiviral portfolio and associated intellectual property.
Despite experiencing a 37% decline in the past year, Pardes Biosciences views this acquisition as a positive development. After conducting a comprehensive review process with the assistance of legal and financial advisors, a special committee of the Pardes board of directors has determined that this acquisition by MediPacific will be in the best interests of all Pardes stockholders.
Upon completion of the tender offer, Pardes will merge with a subsidiary of MediPacific. The acquisition is scheduled to be finalized in the third quarter of 2023.
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