NitroMed (NTMD) Confirms Receipt of Letter from Deerfield Management
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NitroMed, Inc. (NASDAQ: NTMD) said that Deerfield Management has responded to NitroMed's communication regarding the company's willingness to discuss Deerfield's prior unsolicited proposal to acquire the company for $0.50 per share in cash. Contrary to NitroMed's belief that Deerfield's expression of interest was in lieu of NitroMed's proposed merger with Archemix Corp., Deerfield stated that its proposal was in lieu of both the proposed sale of NitroMed's BiDil(R) and BiDil XR(TM) drug business to JHP Pharmaceuticals, LLC and the proposed merger with Archemix. NitroMed's directors and its advisors are reevaluating the Deerfield proposal in light of this clarification.
On October 22, 2008, NitroMed entered into a purchase and sale agreement with JHP Pharmaceuticals, LLC, a privately held specialty pharmaceutical company, pursuant to which NitroMed has agreed to sell to JHP Pharmaceuticals substantially all of the assets related to NitroMed's BiDil and BiDil XR drug business.
NitroMed of Lexington, Massachusetts is the maker of BiDil (isosorbide dinitrate/hydralazine hydrochloride), an orally administered medicine available in the United States for the treatment of heart failure in self-identified black patients. [SM]
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