The chapter has closed for Optinose as a publicly traded company. The specialty pharmaceutical firm was acquired by Paratek Pharmaceuticals in May 2025 and subsequently delisted from the Nasdaq exchange. The transaction delivered significant value to shareholders, marking a lucrative conclusion to their investment.
Acquisition Terms and Shareholder Value
Paratek Pharmaceuticals structured a deal valued at up to $330 million. Investors received an immediate cash payment of $9 per share, representing a substantial 50% premium over the stock’s price in March 2025. The arrangement, however, included further potential upside through contingent value rights:
- An additional $5 per share is achievable through milestone payments
- $1 per share is payable if XHANCE achieves $150 million in revenue by the end of 2028
- A further $4 per share is triggered upon reaching $225 million in revenue by the end of 2029
Financing for the acquisition was secured from Paratek alongside B-FLEXION Life Sciences, Novo Holdings, and Oaktree Capital Management. Following shareholder approval on May 16, 2025, the Optinose stock ceased trading on May 21, 2025.
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Strategic Rationale Behind the Takeover
The acquisition was fundamentally driven by XHANCE®, Optinose’s flagship product. A critical regulatory approval expansion in 2024 dramatically increased the drug’s addressable patient population, expanding it tenfold to approximately 10 million individuals. Paratek’s strategy involves leveraging its established commercial network to market the treatment beyond ear, nose, and throat specialists to primary care physicians.
Financial performance leading up to the deal provided encouraging signals. Optinose reported its first operational profit for XHANCE in the fourth quarter of 2024, earning $0.4 million on revenues of $22.4 million for the product. The first quarter of 2025 saw revenue climb 24.4% to $18.51 million, although the company concurrently reported a net loss of $22.42 million.
The Path Forward for Former Investors
Optinose now operates as a wholly-owned subsidiary within the Paratek corporate structure. Its former stock is defunct, and its independent quarterly financial reports are no longer relevant. For previous shareholders, future value is entirely contingent upon the success of the milestone payments linked to XHANCE’s commercial performance. The competitive battle for market share in chronic rhinosinusitis treatment has now moved to a different arena entirely.
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