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news.BioCryst Pharmaceuticals has failed to get approval from the stockholders for its merger deal with Idera Pharmaceuticals.
Image: BioCryst scraps merger deal with Idera Pharmaceuticals. Photo: courtesy of jk1991 / FreeDigitalPhotos.net.
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Idera said that majority of its stockholders voted in favor of the adoption of the merger agreement with BioCryst.
BioCryst will pay $6m as transaction-related expenses to Idera, as per terms of the merger agreement.
BioCryst Pharmaceuticals president and CEO Jon Stonehouse said: “We respect and understand the views of our stockholders and are moving forward fully-focused on executing our business plan as a standalone company.
“The BioCryst Board and management team remain confident in BCX-7353 and our ability to execute on our plan and advance our programs.”
In January this year, BioCryst signed a merger agreement with Idera to create a new entity focused on the development and commercialization of medicines for the treatment of patients with rare diseases.
Under the deal, BioCryst agreed to own 51.6% of the stock of the combined firm, while Idera agreed to own the remaining 48.4% in the combined company.
BioCryst is engaged in the design and development of novel small-molecule medicines for both common and rare conditions.
The firm has various ongoing development programs, including a preclinical program to develop oral Alk-2 inhibitors for the treatment of fibrodysplasia ossificans progressiva (FOP).
Its development programs also include BCX735, an oral treatment for hereditary angioedema, and galidesivir, a potential treatment for filoviruses.
BioCryst’s first approved product is Rapivab (peramivir injection), which a viral neuraminidase inhibitor for the treatment of influenza.
The firm secured regulatory approval for Rapivab in the US, Canada, Japan, Taiwan, Australia, and Korea.
Idera is a clinical-stage patient-focused biopharmaceutical firm engaged in the development of novel nucleic acid therapeutic approaches to treat certain cancers and rare diseases.
The firm has designed third-generation antisense technology to inhibit the production of disease-associated proteins by targeting RNA.
Idera CEO Vincent Milano said: “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.”
