LEXINGTON, Mass. (AP) — Cubist Pharmaceuticals Inc. said Wednesday it has extended an offer to buy shares of Adolor Corp. as part of a previously announced acquisition bid until Friday.
Cubist, based in Lexington, Mass., first announced the acquisition in October. It said then it would buy all outstanding shares of Adolor for $4.25 each in cash, or about $190 million, in a deal signed by both companies. Each Adolor shareholder also will receive the right to an additional $4.50 per share if certain development milestones are met in the development of a potential treatment for chronic, opioid-induced constipation.
That would push the deal price up to $415 million.
Cubist said Wednesday about 75 percent of Adolor shares, or 36.1 million, were validly tendered and not withdrawn in the initial offering period. The subsequent offering period, with the same terms for shareholders, will expire midnight, New York City time, on Friday.
Shares of Adolor, based in Exton, Pa., closed at $1.92 on Oct. 21, the last trading day before the deal was announced. The stock fell 8 cents to $4.61 in Wednesday morning trading, while Cubist shares were down 2 percent, or 76 cents, to $36.82.
Meanwhile, the Nasdaq exchange was down about 1 percent.