Paratek Pharma acquires Transcept Pharma

Transcept Pharmaceuticals, Inc. and Paratek Pharmaceuticals, Inc., a privately-held biopharmaceutical company, announced that they have entered into a definitive merger agreement under which the stockholders of Paratek will become the majority owners of Transcept and the operations of Transcept and Paratek will be combined. As part of the proposed transaction, new investors (including The Baupost Group, Abingworth LLP, and other institutional investors); certain Transcept stockholders (including InterWest Ventures and Roumell Asset Management); and certain Paratek stockholders (including Omega Funds, HBM Healthcare Investments and Aisling Capital) will invest approximately $93 million in the combined organization.If the transaction is consummated, Transcept's name will be changed to Paratek Pharmaceuticals, Inc.