Reuters: Global Markets: Retrophin offers to buy insomnia drugmaker Transcept for $ four per share

Reuters: Global Markets Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Refresh your vocabulary. Learn a new word everyday by subscribing to Word of the Day. A great tool if you're studying for the GRE, GMAT or LSAT, or simply want to enhance your lexicon. From our sponsors

Retrophin offers to buy insomnia drugmaker Transcept for $ four per share Sep 19th 2013, 01:01 Wed Sep 18, 2013 9:01pm EDT (Reuters) - Drugmaker Retrophin Inc (RTRX.PK) said it offered to buy the rest of Transcept Pharmaceuticals Inc (TSPT.O) shares it does not already own for $4 per share, valuing Transcept at about $75 million. Retrophin's offer represents an 11 percent premium to Transcept's closing share price of $3.59 on the Nasdaq on Wednesday. Shares in Transcept, which has a market capitalization of about $62 million, rose about 9 percent to $3.90 in after-market trade, below the offer price, suggesting that investors did not expect a higher offer. New York-based Retrophin, which is developing treatments for diseases affecting children, said last week it sent a letter to the Transcept board offering to buy the company for $3.50 per share. Point Richmond, California-based Transcept rejected the offer and, instead, adopted a poison pill to prevent stockholders from acquiring over 4.99 percent of its shares. Transcept has struggled to lift sales of its lead drug, Intermezzo, since it hit the market in April 2012. The company's revenue, mainly made up of Intermezzo sales, fell to $200,000 in the quarter ended June from $500,000 a year earlier. Intermezzo is used to treat people who have difficulty returning to sleep after waking up in the middle of the night. (Fixes valuation of Transcept in 1st paragraph) (Reporting by Zeba Siddiqui in Bangalore; Editing by Sriraj Kalluvila) Link this Share this Digg this Email Reprints

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions