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Investor claims agreement not suitable for shareholders.
NexPoint, an investor of Paratek Pharmaceuticals, revealed considerations to vote against the biopharma’s takeover by Gurnet Point Capital. NexPoint, which reportedly owns 12 percent of Paratek stock, believes that the sale could be detrimental to current stockholders. Reportedly, the firm is waiting for additional materials to be filed before making a final decision.
In a press release responding to NexPoint, Paratek stated, “Paratek appreciates receiving constructive feedback from its stockholders and as such, has actively engaged with NexPoint over the past several months. However, Paratek’s board of directors respectfully disagrees with NexPoint’s characterizations contained in its letter.” Under the deal, Paratek is expected to be taken private for approximately $462 million.
References: Paratek investor NexPoint warns it may vote against takeover deal. Seeking Alpha. June 27, 2023. Accessed June 30, 2023. https://seekingalpha.com/news/3983281-paratek-investor-nexpoint-warns-it-may-vote-against-takeover-deal?open_reset_password=true&origin=confirm_registration&utm_campaign=%7Cconfirmation_link_registration&utm_medium=email&utm_source=seeking_alpha
Paratek Pharmaceuticals Acknowledges Receipt of NexPoint Letter. GlobeNewswire. June 27, 2023. Accessed June 30, 2023. https://www.globenewswire.com/news-release/2023/06/27/2695623/33636/en/Paratek-Pharmaceuticals-Acknowledges-Receipt-of-NexPoint-Letter.html