Tetraphase Announces Receipt of Amended Melinta Proposal, 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 received a revised proposal from Melinta Therapeutics, Inc. (“Melinta”) amending its prior proposal to acquire the Company (the “Amended Melinta Proposal”), and has determined that the Amended Melinta Proposal is a “Superior Offer” under the terms of the Agreement and Plan of Merger, dated March 15, 2020 and amended on May 27, 2020 and on May 29, 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 the Amended Melinta Proposal, the Superior Offer 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 Wednesday, June 3, 2020 that, if accepted, would result in the Amended Melinta Proposal ceasing to be a Superior Offer.