La Jolla has staked a claim as the latest victor in the bidding war for Tetraphase, sealing the deal with $43 million in upfront cash and $16 million worth of contingent value rights.
Latest because both AcelRx and Melinta have announced they’ve “reached definitive merger agreements” with Tetraphase before — only to be snubbed in a one-sided breakup. The termination fee amounted to over $1 million, a considerable figure for a company whose stock was trading at 87 cents when the first buyout was announced.
But Tetraphase has come a long way from AcelRx’s initial offer of $14.4 million, all in stocks. So what does La Jolla, the maker of a vasoconstrictor