Neos Therapeutics To Review Proposal From PDL BioPharma

(RTTNews) - Neos Therapeutics Inc. (NEOS) confirmed that it has received an unsolicited proposal from PDL BioPharma Inc. (PDLI) to acquire all of the outstanding shares of Neos for $10.25 per share in cash.

Neos Board of Directors will carefully review and consider the PDL proposal to determine the course of action that it believes is in the best interest of the Company and Neos shareholders.

Neos noted that the proposal received today follows an unsolicited proposal from PDL on June 23, 2017 to acquire the Company for $10.25 per share in cash, which was unanimously rejected by the Neos Board of Directors as not in the best interest of Neos shareholders.

On July 31, 2017, PDL submitted another unsolicited acquisition proposal at the same price. At that time, and to facilitate engagement and sharing of information between the companies, Neos entered into a confidentiality agreement with PDL. Following these discussions, PDL again made a proposal to acquire Neos for $10.25 per share in cash despite affirming to Neos that it saw even greater value in the Company as a result of the information shared.

In making the determination to reject the July $10.25 per share proposal, the Neos Board considered that the Company is successfully executing its strategy and the Board believes management is well positioned to continue executing on this strategy to drive additional value creation in both the near and long-term.

The Neos Board will respond to the PDL proposal received today in due course. Neos shareholders do not need to take any action at this time.