ARTICLE | Company News

Dara BioSciences, Midatech Pharma deal

July 27, 2015 7:00 AM UTC

Midatech will acquire Dara BioSciences for 5.4 million Midatech shares valued at L15.7 million ($24.1 million) based on Midatech’s close of 291p the day before the deal was announced. Dara shareholders will also receive one contingent value right (CVR) for each share held. The CVRs are worth up to $5.7 million and are tied to sales milestones for oral mucositis drug Gelclair povidone and oropharyngeal candidiasis drug Oravig miconazole. The CVRs will be traded on NASDAQ. ...