PDL BioPharma Inc. said it is no longer looking to acquire Neos Therapeutics Inc.

The Incline Village, Nev.-based biotech company had offered to buy Texas-based Neos for $10.25 per share in cash, but its offer had been rejected by the target company's board.

"While we believe we have provided a compelling opportunity for Neos' shareholders, we were unable to agree on terms that were in the best interest of our shareholders. We continue to pursue other opportunities and be disciplined in the process," PDL CEO John McLaughlin said in a statement.