BioCryst, Presidio deal

BioCryst and Presidio 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. Each company will bear its own legal and transaction fees. 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, Oct. 22). ...