Paratek Pharmaceuticals Approves Buyout Deal; No Plans to Close King of Prussia Office

Evan Loh, CEO of Paratek Pharmaceuticals
Image via Paratek Pharmaceuticals.
Evan Loh, CEO of Paratek Pharmaceuticals.

The shareholders of the Boston biopharmaceutical company Paratek Pharmaceuticals have voted to accept a $462 million buyout, writes John George for the Philadelphia Business Journal.

As of now, there are no plans to close either the main headquarters in Boston or the office in King of Prussia.

About 75 employees work out of the King of Prussia office, including CEO Evan Loh.

Loh said earlier in the summer that the deal will offer immediate value to the company’s shareholders “at a substantial premium while allowing them to also benefit from the future value created by Nuzyra through the CVR.”

When the sale closes sometime this quarter, the company will be owned by Gurnet Point Capital and Novo Holdings A/S.

Paratek, which was founded in 1996, will then be a private company after being a publicly traded company for almost nine years.

Gurnet Point Capital is a healthcare investment firm and Novo Holdings A/S is an investment firm that manages the assets of the Novo Nordisk Foundation.

Under the agreement, Gurnet Point and Novo Holdings will assume all the debt and will acquire all outstanding shares of Paratek for $2.15 per share in cash, plus a contingent value right (CVR) of 85 cents per share payable upon the achievement of $320 million in net sales from the antibiotic Nuzyra.

The drug has been approved by the U.S. Food and Drug Administration as a treatment for community-acquired bacterial pneumonia and certain bacterial skin infections.

Read more about the $462 million buyout deal for Paratek Pharmaceuticals at the Philadelphia Business Journal.


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