LEXINGTON, Mass. (AP) – Cubist Pharmaceuticals Inc. said on Dec. 7 that it has extended an offer to buy shares of Adolor Corp. as part of a previously announced acquisition bid until Dec. 9.
Cubist first announced the acquisition in October. It said it would buy all outstanding shares of Adolor for $4.25 each in cash, or about $190 million, in a deal signed by both companies. Each Adolor shareholder also will receive the right to an additional $4.50 per share if certain development milestones are met in the development of a potential treatment for chronic, opioid-induced constipation.
That would push the deal price up to $415 million.
Cubist said on Dec. 7 about 75% of Adolor shares, were validly tendered and not withdrawn in the initial offering period. The subsequent offering period, with the same terms for shareholders, will expire midnight, New York City time, on Dec. 9.
The Associated Press
