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4-Traders Homepage  >  Equities  >  Nasdaq  >  BioCryst Pharmaceuticals, Inc.    BCRX

BIOCRYST PHARMACEUTICALS, INC. (BCRX)
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BioCryst Pharmaceuticals : terminates merger agreement with Idera

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07/12/2018 | 10:43am CEST

US-based BioCryst Pharmaceuticals has terminated the merger agreement with Idera Pharmaceuticals after its stockholders voted against the proposed deal.

However, most of the Idera stockholders supported and voted in favour of the merger.

Under the terms of the original merger agreement signed in January this year, the termination will trigger a refund of $6m from BioCryst to Idera to cover transaction-related expenses.

BioCryst Pharmaceuticals board chairman Robert Ingram said: We are focused on serving the interests of all stockholders in their desire for BioCryst to pursue a standalone strategy and continue our path to treating patients with rare and serious diseases.

The board and management are steadfast in our commitment to capitalise on the opportunities in BioCyrsts current portfolio and advance the promising candidates in the Companys pipeline to generate stockholder value.

BioCryst and Idera planned to combine their respective businesses for the development and commercialisation of drugs to treat patients with rare diseases.

The combined entity would have possessed a pipeline of two Phase II candidates and Phase III candidates each. They also planned to leverage each others drug discovery capabilities and clinical expertise to expand the development efforts.

Idera Pharmaceuticals CEO Vincent Milano said: The board and shareholders of Idera overwhelmingly supported the proposed merger with BioCryst based on the strategic rationale, operating synergies and opportunity to create a stronger and more diversified rare-disease, focused organisation.

Our tilsotolimod would have been one of the two centrepiece product opportunities of the combined company.

As an independent company, Idera now plans to primarily continue developing tilsotolimod for anti-PD-1 refractory melanoma and investigate its application in other solid tumours.

Milano added that the company will explore any opportunities to further improve shareholder value and grow through business development.

(c) 2003-2018 SudanTribune - All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

Stocks mentioned in the article
ChangeLast1st jan.
IDERA PHARMACEUTICALS INC -2.19% 0.9879 Delayed Quote.-52.13%
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Financials ($)
Sales 2018 17,5 M
EBIT 2018 -85,0 M
Net income 2018 -94,0 M
Debt 2018 -
Yield 2018 -
P/E ratio 2018 -
P/E ratio 2019
Capi. / Sales 2018 35,0x
Capi. / Sales 2019 30,8x
Capitalization 611 M
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Mean consensus OUTPERFORM
Number of Analysts 8
Average target price 9,17 $
Spread / Average Target 48%
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Managers
NameTitle
Jon P. Stonehouse President, Chief Executive Officer & Director
Robert Alexander Ingram Chairman
Robert Bennett Vice President-Investor Relations & Operations
Thomas R. Staab CFO, Treasurer, Principal Accounting Officer & SVP
William P. Sheridan Chief Medical Officer & Senior Vice President
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