Paratek Pharmaceuticals Agrees To Be Taken Private By Gurnet Point And Novo Holdings For $462M

Paratek Pharmaceuticals, Inc PRTK has agreed to be acquired by Gurnet Point Capital and Novo Holdings A/S in a transaction valued at ~$462 million.
Costs associated with the acquisition include taking on debt and assuming full payment of a contingent value right (CVR).
Gurnet Point and Novo Holdings will acquire all outstanding shares of Paratek for $2.15 per share in cash, plus a CVR of $0.85 per share payable upon the achievement of $320 million in U.S. NUZYRA net sales in any calendar year ending on or prior to December 31, 2026.
Debt financing of $175 million for this transaction will be provided by funds managed by Oaktree Capital Management, L.P.
Also Read: Why Paratek Pharmaceuticals Stock Is Plunging Today
"This transaction will deliver immediate value to our shareholders at a substantial premium while allowing them to also benefit from the future value created by NUZYRA through the CVR," commented Evan Loh, M.D., Chief Executive Officer at Paratek.
The transaction is to close in the third quarter of 2023. Paratek will become a private company and not be traded on Nasdaq Global Market.
Price Action: PRTK shares are trading higher by 13.2% at $2.22 on the last check Tuesday.