Neos Therapeutics Board Rejects PDL BioPharma's Unsolicited Offer - Quick Facts

(RTTNews) - Neos Therapeutics, Inc. (NEOS) said Monday that its board of directors has unanimously rejected the October 26 unsolicited proposal from PDL BioPharma, Inc. (PDLI) to acquire all of the outstanding shares of Neos for $10.25 per share in cash.

The Neos Board affirmed its previous determinations that PDL's proposal undervalues Neos, does not reflect Neos' strategic value and future prospects for continued growth and value creation, and is not in the best interests of the company or Neos shareholders.

Neos noted that PDL's October proposal is identical in all material respects to the proposals that were received in June, July and September from PDL, which were also reviewed and unanimously rejected by the Neos Board.

Vipin Garg, President and CEO of Neos Therapeutics, said, "We are successfully executing the Company's strategy and believe we are well positioned to deliver enhanced value to Neos shareholders in both the near- and long-term. PDL's proposal is opportunistic and its interest underscores Neos' growth and value creation prospects as an independent company."

Neos Therapeutics is a pharmaceutical company focused on developing extended-release or XR products using its proprietary modified-release drug delivery and orally disintegrating tablet or ODT technologies.