PDL BioPharma Says No Longer Pursue Proposed Acquisition Of Neos Therapeutics

(RTTNews) - PDL BioPharma Inc. (PDLI) said Tuesday that it will no longer pursue its proposed acquisition of Neos Therapeutics, Inc. (NEOS). While PDL's last public disclosure announced its proposal expired on November 8, 2017, PDL has maintained its interest until recently making the decision to not make any further proposals.

John McLaughlin, chief executive officer of PDL, said, "While we believe we have provided a compelling opportunity for Neos' shareholders, we were unable to agree on terms that were in the best interest of our shareholders. We continue to pursue other opportunities and be disciplined in the process."