BioCentury
ARTICLE | Company News

BioCryst, Presidio terminate merger

December 1, 2012 2:33 AM UTC

BioCryst Pharmaceuticals Inc. (NASDAQ:BCRX) and Presidio Pharmaceuticals Inc. (San Francisco, Calif.) mutually terminated their proposed merger. The boards of both companies approved the termination, which the companies said "was in the best interest of both companies and their respective shareholders at this time." BioCryst said it will host a conference call on Dec. 7 to discuss future strategies and initiatives. Presidio could not be reached for details.

In October, BioCryst and Presidio said they would merge in a stock deal to focus on HCV and hereditary angioedema (HAE). Under the deal, BioCryst was to issue 24.5 million shares to Presidio shareholders, which would have valued Presidio at $100.7 million based on BioCryst's close of $4.11 on Oct. 17, before the deal was announced (see BioCentury Extra, Oct. 18). ...