Optimer Pharmaceuticals director just sold 20,000 shares

Anthony E Altig, a director of Optimer Pharmaceuticals, recently sold 20,000 shares of the company. The sales took place at $10.75 per share, on October 24, 2013. Altig no longer owns any shares of the company. Altig operates out of Jersey City, NJ. Some additional info was provided as follows:

Pursuant to the Agreement and Plan of Merger, dated as of July 30, 2013 (the "Merger Agreement"), among Optimer Pharmaceuticals, Inc. ("Optimer"), Cubist Pharmaceuticals, Inc. ("Cubist"), and PDRS Corporation, shares were converted into the right to receive per share consideration of: (i) $10.75 cash and (ii) one contingent value right issued by Cubist in accordance with the Contingent Value Rights Agreement, dated as of October 24, 2013, between Cubist and American Stock Transfer & Trust Company, LLC (together, the "Per Share Merger Consideration"). Pursuant to the terms of the Merger Agreement, each award was converted into the right to receive the Per Share Merger Consideration with respect to each share of Optimer common stock subject to the award. Pursuant to the terms of the Merger Agreement, each award was fully vested and converted into the right to receive the Per Share Merger Consideration with respect to each share of Optimer common stock subject to the award. Pursuant to the terms of the Merger Agreement, each option was converted into the right to receive a cash payment equal to the excess, if any, of $12.78 (the last reported sale price of a share of Optimer common stock on The NASDAQ Global Select Market on October 23, 2013, over such option's per share exercise price).

The above information was disclosed in a filing to the SEC. To see this filing in its entirety, click here. Optimer Pharmaceuticals next reports earnings on October 28, 2013.

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