Loading...
Loading...
BioSante Pharmaceuticals, Inc.
announced today that it has
completed the merger of its wholly-owned subsidiary with and into ANIP
Acquisition Company d/b/a ANI Pharmaceuticals, Inc. (ANI) in accordance with
the terms of the amended and restated agreement and plan of merger, dated as
of April 12, 2013. In connection with the merger, BioSante issued to the
holders of ANI series D convertible preferred stock an aggregate of 32,814,504
shares of BioSante common stock, representing approximately 57 percent of the
outstanding shares of BioSante common stock immediately following the merger.
Arthur S. Przybyl, BioSante's new president and chief executive officer
stated, "I'm excited to announce the completion of our merger. This merger is
the catalyst for potential future growth. We now have a strong balance sheet
with over $10 million in cash and no debt. We expect to utilize the
incremental cash available to us as a result of this merger in two ways: to
accelerate our product development efforts and for potential accretive
acquisitions. We do not expect to need this cash to fund day-to-day
operations. In addition, we expect to receive royalty payments from sales of
our FDA-approved testosterone gel product that is partnered with Teva, while
exploring opportunities to derive value from BioSante's other assets,
including LibiGel^®. Our entire team is eager to continue building BioSante as
an integrated specialty branded and generic pharmaceutical company for the
benefit of our stakeholders."
Mr. Przybyl continued, “In 2007 we acquired two manufacturing facilities and
their related contract manufacturing business that became the catalyst to
launch our own prescription product line. In 2008 we launched the ANI label
and we have steadily increased our annual prescription product revenues while
continuing to execute on our contract manufacturing business. We currently
manufacture and market seven prescription products that we either developed
internally or acquired. ANDAs for five additional generic products are pending
at the FDA and we expect to submit six additional ANDAs in the remainder of
2013. These eleven generic products address a total annual market size of
approximately $760 million, based on data from IMS Health."
BioSante now operates under the leadership of ANI's management team. In
addition to Mr. Przybyl, the new board of directors of BioSante consists of
Robert E. Brown Jr., Tracy L. Marshbanks, Ph.D. Thomas A. Penn and Robert
Schrepfer (all formerly of ANI), as well as Fred Holubow and Ross Mangano
(both formerly of BioSante).
The completion of the merger, which was effective June 19, 2013, followed the
approval of proposals relating to the merger by the stockholders of both
companies at separate special meetings. Post-merger, BioSante now has 57.2
million shares of common stock and 65,211 shares of class C special stock
outstanding.
Immediately prior to completion of the merger, the BioSante board of directors
authorized, declared and effected a distribution of contingent value rights
(CVRs) to holders of record of BioSante common stock outstanding immediately
prior to completion of the merger at a rate of one CVR per one share of common
stock. The CVRs represent payment rights arising from a future sale, transfer,
license or similar transaction(s) involving BioSante's LibiGel^® (female
testosterone gel), including a royalty on sales of LibiGel^® if the combined
company launches the product on its own and if less than $2.5 million is spent
on further product development before launch.
Loading...
Loading...
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in