BioCryst Pharmaceuticals and Idera Pharmaceuticals have terminated their merger agreement following the BioCryst stockholders’ failure to approve the adoption of the merger agreement at the BioCryst Special Meeting of Stockholders.
“We respect and understand the views of our stockholders and are moving forward fully-focused on executing our business plan as a standalone company,” said Jon P. Stonehouse, BioCryst’s president and CEO. “The BioCryst Board and management team remain confident in BCX-7353 and our ability to execute on our plan and advance our programs.”
Robert A. Ingram, chairman of the board, said, “We are focused on serving the interests of all stockholders in their desire for BioCryst to pursue a standalone strategy and continue our path to treating patients with rare and serious diseases. The Board and management are steadfast in our commitment to capitalize on the opportunities in BioCyrst’s current portfolio and advance the promising candidates in the Company’s pipeline to generate stockholder value.”
Final results for the Special Meeting will be made available in the Company’s filings with the U.S. Securities and Exchange Commission after the votes have been tabulated and certified. In accordance with the terms of the merger agreement, BioCryst will reimburse Idera for transaction-related expenses of $6 million.
(Source: BioCryst Pharmaceuticals, Inc.)