Neuroderm Ltd (NASDAQ: NDRM) shares rose on word of a takeover of the company.
Mitsubishi Tanabe Pharma Corporation agreed to acquire NeuroDerm for $1.1 billion $39 per share in cash. NeuroDerm is a clinical stage pharmaceutical company developing drug-device combinations for central nervous system (CNS) disorders. Mitsubishi Tanabe Pharma is a publicly traded company on the Tokyo Stock Exchange.
Said Neuroderm CEO Oded Lieberman, “We believe that this transaction will yield important benefits for NeuroDerm’s shareholders and the Parkinson’s disease patients that urgently need new therapies.
“MTPC has demonstrated development and commercialization expertise in the field of neurology and we are confident that the combination of their resources and the robust data supporting ND0612, our Phase III Parkinson’s disease product candidate, will help make this important new therapy available as broadly and rapidly as possible.”
A release issued by Neuroderm Monday says the proposed transaction is subject to approval by the shareholders of NeuroDerm, approvals, expiration or termination of the waiting periods under applicable antitrust laws, and fulfillment of certain other customary conditions to closing. The transaction will be completed by way of a merger under the Israeli Companies Law.
NeuroDerm’s main focus is in Parkinson's disease, where it has three clinical stage product candidates in development which offer a solution for almost every Parkinson’s disease patient, from moderate to the very severe stage of the disease.
Shares in Neuroderm perked on the news, and gained $5.18, or 15.6%, to $38.38, within a 52-week range of $15.20 to $33.50.
