Tetraphase Announces Determination of Superior Offer and Notice to AcelRx

WATERTOWN, Mass.--(BUSINESS WIRE)--Tetraphase Pharmaceuticals, Inc. (Nasdaq:TTPH), a biopharmaceutical company focused on commercializing its novel tetracycline Xerava™ (eravacycline for injection) to treat serious and life-threatening infections, today announced that its Board of Directors has determined that the latest proposal from Melinta Therapeutics, Inc. (“Melinta”) to acquire the Company is a “Superior Offer” under the terms of the Agreement and Plan of Merger, dated March 15, 2020, to which the Company is a party with AcelRx Pharmaceuticals, Inc. (“AcelRx”) and its merger subsidiary (the “AcelRx Merger Agreement”). In connection with this determination and in accordance with the terms of the AcelRx Merger Agreement, the Company has given notice to AcelRx of such determination and of its intention to consider changing its recommendation of the AcelRx Merger Agreement or terminating the AcelRx Merger Agreement unless AcelRx proposes revisions to the terms of the AcelRx Merger Agreement or makes another proposal on or prior to Friday, May 29, 2020 that, if accepted, would result in the Melinta proposal ceasing to be a Superior Offer.