May 4 (Reuters) - Privately held Italian drugmaker Menarini Group on Monday agreed to buy U.S. company Stemline Therapeutics Inc in a deal valued at up to $677 million.
Stemline shareholders would get $12.50 per share, involving an upfront payment of $11.50 in cash, the companies said.
They will also get one non-tradeable contingent value right that entitles each shareholder to an additional $1 in cash per share upon completion of certain milestones, the companies said.
Stemline's shares closed at $4.65 on Friday.
Reporting by Manas Mishra in Bengaluru; Editing by Shinjini Ganguli