Archemix, NitroMed, Deerfield Management, JHP Pharmaceuticals LLC deal

NitroMed agreed to be acquired by Deerfield for $0.80 per share in cash, valuing the biotech at $36.9 million. The price is a 25% premium to NitroMed's close of $0.64 on Jan. 26, before the deal was announced, and a 167% premium to NitroMed's close of $0.30 on Dec. 4, the day before Deerfield's initial offer of $0.50 was announced. The deal includes a provision allowing NitroMed to solicit, negotiate and evaluate competing acquisition proposals until Feb. 26. Deerfield already holds a 12% stake in the biotech (see BioCentury, Jan. 19). ...