BioCentury
ARTICLE | Company News

BHV Pharma, Islet Sciences deal

March 17, 2014 7:00 AM UTC

Islet Sciences signed a letter of intent to acquire BHV Pharma in a stock deal. Islet Sciences will issue BHV shareholders 30 million shares of Islet Sciences common stock, valued at $12 million based on Islet Sciences' close of $0.40 on March 12, the day before the deal was announced. Islet will issue up to $71 million in additional shares to BHV shareholders based on milestones related to BHV's remogliflozin etabonate. Islet Sciences said the acquisition is the company's first step in transitioning into a clinical-stage growth company. Remogliflozin, a sodium-glucose cotransporter 2 (SGLT2) inhibitor, is in Phase II testing to treat Type II diabetes and non-alcoholic steatohepatitis (NASH). Islet is developing an encapsulated islet cell transplantation therapy to treat Type I diabetes and insulin-dependent Type II diabetes. Neither company has reported revenue. ...