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id: 703, Created by Stan Vick, Scout
Satsuma Pharmaceuticals (STSA) M&A Case
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On April 16, 2023, Satsuma Pharmaceuticals, Inc. (Nasdaq: STSA) announced that it has entered into a definitive agreement to be acquired by Shin Nippon Biomedical Laboratories, Ltd. (TSE: 2395) for $0.91 in cash per share at the closing of the transaction plus one non-tradeable contingent value right (“CVR”) of up to $5.77 per share.
- The CVR is payable pursuant to the future sale, license, or any other monetization events related to STS101 (dihydroergotamine (DHE) nasal powder), a novel investigational therapeutic product candidate for the acute treatment of migraine, (subject to certain terms and conditions, as set forth in more detail below).
- Satsuma submitted a New Drug Application to the FDA in March 2023 for STS101, which incorporates nasal powder formulation and delivery device technologies developed by SNBL and exclusively licensed by Satsuma.
Investors of $STSA may have reasons to suspect that the pricing terms of the M&A transaction with $2395 are unfair and that the Company BoD breached fiduciary duties to shareholders.
Failure to Disclose,
Breach of Fiduciary duty,
Shock Event Date
16 April 2023