Clinuvel Pharmaceuticals Limited (ASX:CUV) has rejected a $95 million takeover offer from Nasdaq listed company Retrophin.
The unsolicited proposal was announced on the 28 July offering 0.175 Retrophin shares or $2.17 per Clinuvel share.
Shares in the company, which develops therapies for skin diseases, jumped on the news but today it has declined the offer, saying it materially undervalues Clinuvel.
The Melbourne based company’s Scenesse treatment is awaiting marketing authorisation from the European Medicines Agency, with a decision expected in October.
Clinuvel reported a net loss of $3.2 million in the first half of the 2014 financial year.
