Tetraphase: Melinta Therapeutics Announces Termination of Merger Agreement and Tender Offer for Shares of Tetraphase

MORRISTOWN, N.J., June 24, 2020 (GLOBE NEWSWIRE) -- Melinta Therapeutics, Inc. ("Melinta"), a commercial-stage antibiotics company, announced that on June 24, 2020, pursuant to the Agreement and Plan of Merger by and among Melinta, Toronto Transaction Corp. ("Purchaser") and Tetraphase Pharmaceuticals, Inc. ("Tetraphase") dated as of June 4, 2020 (the "Merger Agreement"), it had terminated the previously announced cash tender offer to acquire all of the outstanding shares of common stock of Tetraphase (the "Offer").On June 19, 2020, Tetraphase gave written notice to Melinta and Purchaser that it received a proposed offer from La Jolla Pharmaceutical Company ("La Jolla") to acquire Tetraphase for $43.0 million in cash, plus an additional $16.0 million in cash potentially payable under contingent value rights to be issued in the transaction (the "La Jolla Proposal"). On June 21, 2020, the Tetraphase Board of Directors determined that the proposal constituted a "Superior Offer" as defined in the Merger Agreement. Tetraphase publicly announced the La Jolla Proposal on June 22, 2020.On ...Full story available on Benzinga.com