Uluru, York Pharma deal
Uluru signed a non-binding offer letter to acquire dermatology company York. An official offer is contingent upon York converting its $6 million in unsecured convertible note due in 2014 into shares prior to closing. If a final deal is reached, Uluru would own about 77% of the combined company with York shareholders owning the remaining 23%.
Uluru said the deal would create an integrated U.S. and European marketing and sales infrastructure for its wound and oral care products. York's marketed products include Zindaclin, a topical antibiotic gel to treat acne, and Vitix, a topical cream and capsule to treat vitiligo. York gained both products through its 2007 acquisition of Derms Development Ltd. Uluru's portfolio includes canker sore treatments Aphthasol and Aptheal amlexanox 5% paste, and Residerm A gel, a zinc clindamycin gel to treat acne. ...