Pharmos, Vela Pharmaceuticals deal

The companies amended the terms of PARS's proposed acquisition of Vela. PARS is now offering $6 million in cash plus 6.5 million shares, which are valued at $10.6 million using PARS's close of $1.63 on Sept. 1, the day before the announcement. Previously, the offer was $5 million in cash plus 11.5 million shares valued at $24.7 million (see BioCentury, March 20). ...