Gurnet Point Capital and Novo Holdings A/S Complete Acquisition of Paratek Pharmaceuticals, Inc.
September 21 2023 - 8:58AM
Gurnet Point Capital (“Gurnet Point”) and Novo Holdings A/S (“Novo
Holdings”) announced today the completion of their acquisition of
Paratek Pharmaceuticals, Inc. (“Paratek” or the “Company”) (Nasdaq:
PRTK), a commercial-stage biopharmaceutical company focused on the
development and commercialization of novel therapies for
life-threatening diseases and other public health threats. The
Company's lead commercial product, NUZYRA® (omadacycline), is a
once-daily oral and intravenous antibiotic available in the United
States for the treatment of adults with community-acquired
bacterial pneumonia (CABP) and acute bacterial skin and skin
structure infections (ABSSSI).
“Today’s completion of the acquisition of
Paratek by Gurnet Point and Novo Holdings represents the beginning
of a new chapter in our Company’s history,” said Evan Loh, M.D.,
Chief Executive Officer at Paratek. “We look forward to drawing
upon the extensive experience of both Gurnet Point and Novo
Holdings to provide lifesaving, transformative therapies to
patients.”
The consideration paid to stockholders in the
transaction was $2.15 per share in cash, plus a Contingent Value
Right (“CVR”) of $0.85 per share payable upon the achievement of
$320 million in U.S. NUZYRA net sales (excluding certain permitted
deductions, payments under Paratek's contract with ASPR-BARDA,
certain government payments and certain royalty revenue) in any
calendar year ending on or prior to December 31, 2026.
Under the terms of the merger agreement, Gurnet
Point, a leading healthcare investment firm, and Novo Holdings, a
holding and investment company responsible for managing the assets
and wealth of the Novo Nordisk Foundation, acquired all outstanding
shares of Paratek for approximately $462 million, including the
assumption of debt and assuming full payment of a CVR.
Stockholders approved the merger agreement
proposal at Paratek's special meeting of stockholders on September
18, 2023 in connection with the previously announced definitive
agreement between the Company, Gurnet Point and Novo Holdings.
Paratek will be delisted from NASDAQ Global Exchange.
About Gurnet Point Capital
Gurnet Point Capital is a leading healthcare
fund that invests in de-risked life sciences companies. Gurnet
Point primarily focuses on businesses that have high growth
potential in the late product development and commercialization
stages of their evolution. These companies become partners not just
because of their capacity to generate economic value, but also
because of their potential to deliver social impact. Gurnet Point’s
team of highly experienced industry executives work closely with
its portfolio companies, with an active approach driving
operational transformation and outsized returns.
www.gurnetpointcapital.com.
About Novo Holdings A/S
Novo Holdings is a holding and investment
company that is responsible for managing the assets and the wealth
of the Novo Nordisk Foundation. The purpose of Novo Holdings is to
improve people’s health and the sustainability of society and the
planet by generating attractive long-term returns on the assets of
the Novo Nordisk Foundation.
Wholly owned by the Novo Nordisk Foundation,
Novo Holdings is the controlling shareholder of Novo Nordisk A/S
and Novozymes A/S and manages an investment portfolio, with a
long-term return perspective. In addition to managing a broad
portfolio of equities, bonds, real estate, infrastructure and
private equity assets, Novo Holdings is a world-leading life
sciences investor. Through its Seeds, Venture, Growth, and
Principal Investments teams, Novo Holdings invests in life science
companies at all stages of development.
As of year-end 2022, Novo Holdings had total
assets of EUR 108 billion. www.novoholdings.dk
About Paratek Pharmaceuticals,
Inc.
Paratek Pharmaceuticals, Inc. is a
commercial-stage biopharmaceutical company focused on the
development and commercialization of novel therapies for
life-threatening diseases and other public health threats.
The company's lead commercial product, NUZYRA®
(omadacycline), is a once-daily oral and intravenous antibiotic
available in the United States for the treatment of adults with
community-acquired bacterial pneumonia (CABP) and acute bacterial
skin and skin structure infections (ABSSSI). Paratek has a
collaboration agreement with Zai Lab for the development and
commercialization of omadacycline in the greater China region and
retains all remaining global rights.
Paratek is also conducting a Phase 2b study with
NUZYRA in a rare disease, nontuberculous mycobacterial (NTM)
pulmonary disease, caused by Mycobacterium abscessus complex.
Paratek estimates this opportunity represents a potential $1
billion addressable market in the United States.Paratek exclusively
licensed U.S. rights and rights to the greater China territory for
SEYSARA® (sarecycline), a once-daily oral therapy for the treatment
of moderate to severe acne vulgaris, to Almirall, LLC. Paratek
retains the development and commercialization rights for
sarecycline in the rest of the world.
In 2019, Paratek was awarded a contract from the
U.S. Department of Health and Human Services' Biomedical Advanced
Research and Development Authority (BARDA), now valued at up to
$304 million, to support the development and U.S.-based
manufacturing of NUZYRA for pulmonary anthrax.For more information,
visit www.ParatekPharma.com or follow us on LinkedIn and
Twitter.
Contacts
Gurnet Point CapitalBlair
HennessyAbernathy H/AdvisorsEmail: blair.hennessy@h-advisors.global
Phone: (212) 371-5999
Novo HoldingsDora
GonzálezPublic Relations SpecialistEmail: dopg@novo.dk Phone: (617)
922-5027
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