Ademi LLP is investigating Paratek (Nasdaq: PRTK) for possible breaches of fiduciary duty and other violations of law in its transaction with Gurnet Point Capital and Novo Holdings.
Paratek public stockholders are expected to receive only $2.15 per share in cash, plus a Contingent Value Right (CVR) of $0.85 per share payable upon the achievement of $320 million in U.S. NUZYRA net sales (excluding certain permitted deductions, payments under Paratek’s contract with ASPR-BARDA, certain government payments and certain royalty revenue) in any calendar year ending on or prior to December 31, 2026. The transaction is valued at approximately $462 million, including the assumption of debt and assuming full payment of a CVR The transaction agreement unreasonably limits competing bids for Paratek by imposing a significant penalty if Paratek accepts a superior bid. Paratek insiders will receive substantial benefits as part of change of control arrangements.
We are investigating the conduct of Paratek’s board of directors, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for Paratek.