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BioCryst Pharmaceuticals
and privately held Presidio
Pharmaceuticals, Inc. today announced that the companies have signed a
definitive merger agreement for Presidio to be acquired by BioCryst in an
all-stock transaction. The transaction has been approved by the Boards of both
companies. The transaction values Presidio at approximately $101 million,
based on yesterday's closing BioCryst share price of $4.11 per share. The
transaction is expected to close in the first quarter of 2013, and is subject
to customary conditions, including approval by BioCryst shareholders.
The merger creates a focused, clinical stage biopharmaceutical company with
lead programs in high-value infectious and orphan disease indications:
hepatitis C (HCV) and hereditary angioedema (HAE). This new entity would own a
unique portfolio of three oral, pan-genotypic antivirals that are suitable
either for development in combination with each other or in combination with
other direct acting antivirals (DAAs) to treat patients with HCV infection.
“We're creating this new company to pursue the development and
commercialization of antiviral and orphan drugs. Presidio brings exciting HCV
assets to the new company, and a highly experienced scientific team with a
proven track record in antiviral drug discovery and development,” said Jon P.
Stonehouse, President & Chief Executive Officer of BioCryst. “Each of our HCV
antivirals works via a different targeting mechanism and each is suitable for
development in combination regimens with other classes of HCV inhibitors. The
diversity of our HCV portfolio reduces our clinical development risk and
defines this new company as a serious competitor in the development of orally
administered, safe and effective combination therapies for hepatitis C.”
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