According to the Complaint, Tetraphase Pharmaceuticals, Inc. is a biopharmaceutical company that uses its proprietary chemistry technology to create novel tetracyclines for serious and life-threatening conditions, including infections caused by many of the multidrug-resistant bacteria highlighted as urgent public health threats by the World Health Organization and the Centers for Disease Control and Prevention.

This action stems from a proposed transaction announced on March 16, 2020, pursuant to which Tetraphase Pharmaceuticals, Inc. will be acquired by AcelRx Pharmaceuticals, Inc.

On March 15, 2020, Tetraphase’s Board of Directors caused the Company to enter into an agreement and plan of merger with AcelRx. Pursuant to the terms of the Merger Agreement, Tetraphase’s stockholders will receive 0.6303 shares of Parent common stock and one contingent right value (“CVR”) for each share of Tetraphase common stock they own.