AcelRx has dropped out of the bidding war for Tetraphase after a back and forth with Melinta which drove up Tetraphase’s price.
"AcelRx is financially disciplined, and while we continue to recognize the merits of an AcelRx and Tetraphase combination, we do not believe that any further increases to our offer would be in the best interests of our stockholders. As a result, we have decided not to further increase our offer and will focus on other exciting opportunities to expand and diversify our product portfolio and create a platform for growth with other potential collaboration partners."
Vince Angotti, Chief Executive Officer at AcelRx
Because Tretraphase had previously accepted the AcelRx offer, they will pay a $1.8M break-up-fee to terminate the deal.