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Omthera Pharmaceuticals Announces First Quarter 2013 Financial Results
Date:5/28/2013

PRINCETON, N.J., May 28, 2013 /PRNewswire/ -- Omthera Pharmaceuticals, Inc. (Nasdaq: OMTH), an emerging specialty pharmaceutical company, today announced its financial results for the first quarter of 2013.

Omthera Pharmaceuticals also announced today that it had entered into a definitive merger agreement with AstraZeneca pursuant to which AstraZeneca will acquire Omthera for $12.70 per share, or approximately $323 million. In addition to the cash payment, each Omthera stockholder will receive one Contingent Value Right (CVR) of up to approximately $4.70 for each share they own, equating to $120 million, if specified milestones related to Epanova are achieved, or if a milestone related to global net sales is achieved. This will bring the total potential acquisition value to $443 million.

First Quarter 2013 Financial Results

  • Omthera reported a net loss of $6.3 million for the first quarter of 2013, compared to a net loss of $9.2 million for the first quarter of 2012. Net loss applicable to common stockholders for the first quarter of 2013 was $7.3 million, or $3.08 per common share, compared to a net loss of $10.1 million, or $6.18 per common share, for the first quarter of 2012.
  • Research & Development expenses totaled $0.4 million for the first quarter of 2013, compared to $8.0 million for the first quarter of 2012. The amounts for the first quarter of 2013 and 2012 include approximately $0.1 million and $0.1 million of non-cash stock-based compensation expense, respectively. The decrease in Research & Development expenses is primarily due to the completion in 2012 of the Phase III clinical trials associated with Epanova, compared to current period expenses devoted largely to moving Epanova to regulatory approval.
  • General & Administrative expenses totaled $1.3 million for the first quarter of 2013, comp
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  • SOURCE Omthera Pharmaceuticals, Inc.
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