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Supernus to acquire Adamas in a deal worth up to $850 million

Oct. 11, 2021 7:04 AM ETSupernus Pharmaceuticals, Inc. (SUPN)By: Dulan Lokuwithana, SA News Editor11 Comments

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  • Supernus Pharmaceuticals (NASDAQ:SUPN) has agreed to acquire Adamas Pharmaceuticals (NASDAQ:ADMS) for up to $850M worth of cash and contingent value rights. In reaction to the news, Adamas Pharmaceuticals (ADMS) has climbed ~75.1% in the pre-market.
  • Per the

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Comments (11)

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This is a mistake. They are NOT paying $850 million. Max price is $450 million.
Half of the increase in value for SUPN is the stupid analysts realizing that the long-term cash is not included in any EV calculations for this company. In other words, they can buy this business with cash that nobody has given them credit for. Super lame, but at least they are burning it for a decent business.
freedomrd1776 profile picture
So do I get one share for my share of ADMS or do I get bought out??? Bit confused what will happen and if I should exit or hold.
Biologics profile picture
@freedomrd1776 I can't say sell or hold... but I don't see a strong reason to sell unless you need the cash now. The CVRs could deliver some additional value in the future.
@freedomrd1776 you will get $8.10 cash if the tender succeeds and 2 CVRs (non-tradable) which will just hang out in your broker account until they pay out or expire in 2024 and 2025.
freedomrd1776 profile picture
@vpribish Thanks... I sold it. Time to invest in a different stock.
Biologics profile picture
This was a rumor years ago and it made perfect sense. Good deal for both. Congrats ADMS longs. I will look for entry in SUPN in the near-future.
freedomrd1776 profile picture
@Biologics Was wondering if you could answer my question I posted before market opens?
Biologics profile picture
@freedomrd1776 I haven't read an official 8-K, so I can't say for certain. However, it looks as if your share will be bought out and you will also receive 2 CVRs that are essentially sweeteners if GOCOVRI performs well in the future.
freedomrd1776 profile picture
@Biologics Thanks for the reply.

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