AcelRx has increased their bid for Tetraphase Pharmaceuticals to $30M in cash plus an additional $14.5M in cash payable under a contingent value right in hopes of beating out others seeking to acquire Tetraphase.
"This transaction highlights our focus on efficiently commercializing DSUVIA with a salesforce promoting multiple products and is the first step in our plan to create a growth platform to further consolidate hospital-focused pharmaceutical companies and products."
Vince Angotti, CEO of AcelRx
AcelRx proposed upped their bid for Tetraphase in response to a proposal from Melinta Therapeutics to acquire Tetraphase for $27M in cash.