Retrophin Proposes To Buy Transcept Pharma For $4.00/Share - Quick Facts

(RTTNews) - Retrophin, Inc. (RTRX.OB) Wednesday said it has made a proposal to acquire Transcept Pharmaceuticals, Inc. (TSPT) for a consideration of $4.00 per share in cash.

Retrophin previously offered to pay $3.50 per share in cash for the acquisition. The offer was rejected by Transcept's Board of Directors who adopted a Tax Benefit Preservation Plan to prevents stockholders from acquiring more than 4.99 percent of the company.

Retrophin's proposal will provide an immediate exit for Transcept's stockholders at a 20 percent premium to Transcept's current stock price.

Retrophin's new proposal is conditioned on the completion of cursory due diligence and other customary provisions, and is not subject to a financing condition.

"Our proposal represents an attractive premium to Transcept's trading performance, and we believe that the proposal offers a compelling opportunity for Transcept's stockholders, particularly in light of Transcept's risky and controversial acquisition strategy," said Martin Shkreli, CEO.