Rare Daily Staff
BioCryst Pharmaceuticals said it has terminated the previously announced merger agreement with Idera Pharmaceuticals following the failure of BioCryst stockholders to approve the merger agreement.
As a result of the shareholder vote, BioCryst will pay Idera $6 million to cover expenses related to the failed transaction.
“We respect and understand the views of our stockholders and are moving forward fully-focused on executing our business plan as a stand-alone company,” said Jon Stonehouse, BioCryst’s president and CEO.
In January, BioCryst and Idera announced plans to merge to form a new rare disease drug company with Idera CEO Vincent Milano serving as CEO and BioCryst Chairman Robert Ingram serving as chairman of the combined company in a stock swap that would have given BioCryst shareholders 51.6 percent of the combined company.
BioCryst’s lead program is in late-stage development to treat hereditary angioedema, a rare, genetic disorder that results in recurring attacks of swelling in various parts of the body that can be can debilitating and painful. Attacks that obstruct the airways are potentially life-threatening due to the risk of asphyxiation.
Idera, which had won shareholder approval of the merger, will also continue as an independent company developing programs in cancer and rare diseases.
“The Board and shareholders of Idera overwhelmingly supported the proposed merger with BioCryst based on the strategic rationale, operating synergies and opportunity to create a stronger and more diversified rare-disease, focused organization,” said Vincent Milano, Idera’s CEO. “As we move forward independently, we will remain focused on the development of tilsotolimod in anti-PD-1 refractory melanoma, a significant unmet need, as well as begin to explore the role of tilsotolimod in improving outcomes in patients suffering from additional solid tumor cancers.”
July 11, 2018
Photo: Jon Stonehouse, BioCryst’s president and CEO