Satsuma Pharma soars on buyout deal from Japan's Shin Nippon

Shin Nippon Biomedical Laboratories

17/04/2023 12:31

** Shares of drug developer Satsuma Pharmaceuticals Inc
 STSA.O  more than double at $1.77 premarket
    ** Japan-based clinical trial company Shin Nippon Biomedical
Laboratories Ltd  2395.T  to acquire Satsuma at $0.91/shr, a
premium of ~39% over STSA's last close
    ** STSA stockholders eligible for non-tradeable right of
payment of up to $5.77/shr in relation to migraine drug
milestones
    ** STSA stock down 27% YTD

 (Reporting by Aditya Samal)
 ((Aditya.Samal@thomsonreuters.com;))