Melinta Therapeutics to Acquire Tetraphase Pharmaceuticals

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Melilnta to acquire Tetraphase for $39M in cash along with $16M in cash under CVRs upon the achievement of net sales of XERAVA in the US of at least $20M in 2021, (ii) $35M & $55M during any year ending on or before December 31, 2024. The upfront cash includes $1.79/ share of Tetraphase common stock, $2.47/share of Tetraphase common stock underlying the common stock warrants issued by the company in 2019 & 2020
The transaction is expected to be closed in Q3’20. Xerava (eravacycline for injection) is a novel fluorocycline of the tetracycline, indicated to treat cIAI in patients aged≥ 18yrs.
The acquisition follows the termination of the merger agreement with AcelRx Pharmaceuticals, signed on Mar 16, 2020, as amended on May 27 & 29, 2020, in order to enter into the definitive merger agreement with Melinta. AcelRx receives termination fees of $1,778,000

Click here to read full press release/ article | Ref: Businesswire | Image: Tetraphase