Satsuma Pharmaceuticals (STSA) M&A Case

On April 16, 2023, Satsuma Pharmaceuticals, Inc. (Nasdaq: STSA) announced that it has entered into a definitive agreement to be acquired by Shin Nippon Biomedical Laboratories, Ltd. (TSE: 2395) for $0.91 in cash per share at the closing of the transaction plus one non-tradeable contingent value right (“CVR”) of up to $5.77 per share.

The CVR is payable pursuant to the future sale, license, or any other monetization events related to STS101 (dihydroergotamine (DHE) nasal powder), a novel investigational therapeutic product candidate for the acute treatment of migraine, (subject to certain terms and conditions, as set forth in more detail below).
Satsuma submitted a New Drug Application to the FDA in March 2023 for STS101, which incorporates nasal powder formulation and delivery device technologies developed by SNBL and exclusively licensed by Satsuma.

Investors of $STSA may have reasons to suspect that the pricing terms of the M&A transaction with $2395 are unfair and that the Company BoD breached fiduciary duties to shareholders.

Case Status

Inactive Investigation

Alleged Offence

Misleading Statements,

Financial Misrepresentation,

Failure to Disclose,

Malpractice,

Breach of Fiduciary duty,

Omissions

Suspected Party

Directors,

Management,

Shareholder,

Investment Bank,

Service Provider

Security Type

Stocks

Trade Direction

Long

Shock Event Date

04/16/2023