NPS merging with Enzon

NPS (NPSP; TSE:NX) and ENZN plan to merge in a stock deal. NPSP shareholders will own about 54% of the combined entity, while ENZN shareholders will own about 46%. ENZN shareholders will receive 0.7264 shares of the new company for each ENZN share, and NPSP shareholders will receive 1 share for each NPSP share held. ENZN was down $1.13 to $12.90 on 10.7 million shares on Thursday, with a market cap of $554.7 million. NPSP was off $6.07 (25%) to $18.27 on 10.7 million shares, giving it a market cap of $629.5 million.

The companies said the deal combines NPSP's pipeline with ENZN's commercial capabilities. The company will focus on small molecule discovery targeting calcium receptors, metabotropic glutamate receptors (mGluRs) and other G protein-coupled receptors plus pegylation technology and the single-chain antibody program. ...