Medicines completes tender offer for Targanta

By Lisa Kerner

Charlotte, N.C., Feb. 25 - Medicines Co. said it accepted for purchase a total of approximately 20,577,989 shares, or 98%, of Targanta Therapeutics Corp. common stock in its tender offer that ended on Tuesday.

The total number of shares does not include shares tendered under guaranteed delivery procedures, according to a Medicines news release.

Boxford Subsidiary Corp., Medicines' direct wholly owned subsidiary, will acquire the remaining Targanta shares via a short-form merger under Delaware law.

Targanta will become a direct wholly owned subsidiary of Medicines.

As previously reported, Medicines agreed to acquire Targanta, a Cambridge, Mass.-based biopharmaceutical company, in a $2.00-per-share cash tender offer valued at $42 million.

Under the companies' merger agreement, Targanta shareholders may also be entitled to receive an additional $4.55 per share in contingent cash payments upon the achievement of certain regulatory and commercial milestones, Medicines said.

Medicines is a Parsippany, N.J.-based pharmaceutical company.

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