Neos Therapeutics rejects offer from PDL BioPharma

Neos Therapeutics, Inc. a pharmaceutical company focused on developing, manufacturing and commercializing innovative extended-release (XR) products using its proprietary modified-release drug delivery and orally disintegrating tablet (ODT) technologies, announced that its Board of Directors has unanimously rejected the 26 October unsolicited proposal from PDL BioPharma, Inc. to acquire all of the outstanding shares of Neos for $10.25 per share in cash. Neos noted that PDL's October proposal is identical in all material respects to proposals received in June, July and September from PDL, which were also reviewed and unanimously rejected by the Neos Board.