PDL gets aggressive with an offer to buy out Neos Therapeutics

Shares of Neos Therapeutics $NEOS jumped about 10% this morning after PDL BioPharma $PDLI went public with a buyout bid of $10.25 a share.

The board at Neos has already rejected that offer, and PDL wasn’t happy that the company followed up the summer overture with dilutive funding.

In their statement today, PDL noted:

As a result of the Board’s recent rejection of PDL’s latest proposal—and in light of the Board’s refusal to negotiate in good faith toward a transaction in the best interests of Neos shareholders—PDL’s Board and management are now making its proposal to the Neos Board public so that Neos shareholders can decide what is in their best interest.

The PDL offer arrived June 23, just three days after Neos had won an approval for Cotempla, an extended-release ADHD tablet that melts in your mouth. And that came after they fielded Adzenys — a long-acting amphetamine that also goes under the tongue. The back-to-back approvals gives Neos a certain market niche as patients are started on the one type of med and follow up with an amphetamine as they age.

Neos also makes its drugs flavorful as well as easy to take, which some practitioners in the field have criticized given the pediatric market Neos caters to.

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Research Scientist - Immunology
Recursion Pharmaceuticals Salt Lake City, UT
Director of Operations
Atlas Venture Cambridge, MA

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