SNBL to acquire Satsuma Pharmaceuticals for 91c in cash per share

Satsuma Pharmaceuticals announced that it has entered into a definitive agreement to be acquired by Shin Nippon Biomedical Laboratories for 91c in cash per share at the closing of the transaction plus one non-tradeable contingent value right of up to $5.77 per share. The CVR is payable pursuant to the future sale, license, or any other monetization events related to STS101, a novel investigational therapeutic product candidate for the acute treatment of migraine,. Satsuma submitted a New Drug Application to the U.S. Food and Drug Administration in March 2023 for STS101, which incorporates nasal powder formulation and delivery device technologies developed by SNBL and exclusively licensed by Satsuma. Consummation of the transaction is subject to customary closing conditions, including the tender of a majority of Satsuma’s outstanding shares of common stock. The Tender Offer period is expected to commence in the next few weeks and to expire 20 business days after its commencement, unless otherwise extended. If the Tender Offer conditions are not satisfied, SNBL may be required to extend the Tender Offer under certain circumstances.