BioCentury
ARTICLE | Company News

BioCryst, Presidio combining

October 19, 2012 1:28 AM UTC

BioCryst Pharmaceuticals Inc. (NASDAQ:BCRX) will acquire Presidio Pharmaceuticals Inc. (San Francisco, Calif.) in a stock deal. The combined company will launch with a new name to focus on HCV and hereditary angioedema (HAE). BioCryst will issue 24.5 million shares to Presidio shareholders, which values Presidio at $100.7 million based on BioCryst's Wednesday close of $4.11. The deal, slated to close in 1Q13, is contingent on BioCryst completing a $60 million equity financing, of which certain Presidio shareholders have committed $25 million. The boards of both companies approved the deal, which is subject to approval by BioCryst shareholders. BioCryst President and CEO Jon Stonehouse will be CEO of the combined company. JPMorgan is advising BioCryst, and BofA Merrill Lynch is advising Presidio.

The combined company, which will be headquartered in Durham, N.C., will have a pipeline of three HCV antivirals and one oral HAE product. Presidio is contributing PPI-668, a second-generation pan-genotypic oral HCV NS5A protein inhibitor slated to enter Phase II testing next year; and PPI-383, a non-nucleoside HCV NS5B polymerase inhibitor slated to enter clinic testing next half. BioCryst's BCX5191, an oral adenine nucleoside analog HCV NS5B polymerase inhibitor, is slated to start Phase I testing before year end; and BCX4161, a plasma kallikrein inhibitor, is slated to start Phase I testing for HAE before year end. ...