May 4, 2020 / 11:24 AM / a month ago

Menarini Group to buy Stemline Therapeutics in deal valued at up to $677 mln

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

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