Pardes Biosciences To Be Acquired By MediPacific; Pardes Up In Pre-market

(RTTNews) - Pardes Biosciences, Inc. (PRDS), announced on Monday, that it has entered into a definitive merger agreement with a unit of MediPacific to be acquired for a price not less than $2.02 per share in cash and an additional cash amount of not more than $0.17 per share. The transaction is expected to close in the third quarter of 2023.

Under the merger agreement terms, a unit of MediPacific will commence a tender offer by July 28 to acquire the outstanding shares of Pardes. The merger might consider contingent value rights associated with any future monetization of its COVID-19 antiviral portfolio and related intellectual property.

The purchaser will also receive the right to 80 percent of the net proceeds payable from any license or disposition of Pardes' programs and assets effected within five years of closing.

In pre-market activity, shares of Pardes are trading at $2.11, up 14.05% on Nasdaq.