Citius Pharmaceuticals on Monday announced its completed acquisition of Leonard-Meron Biosciences.
Under the terms of the deal, Massachusetts-based Citius acquired the outstanding common shares of New Jersey-based LMB in exchange for shares of its own common stock. The agreement announced last month said that LMB shareholders would hold about 49 of the common stock in Citius.
Citius officials said that the deal will incorporate Mino-Lok, LMB’s leading drug candidate, into its portfolio.
Mino-Lok helps break down bacteria to treat patients with catheter-related bloodstream infections, which executives touted as a billion-dollar market. The drug is entering phase 3 clinical trials and is eligible for fast-tracked approval by the U.S. Food and Drug Administration.
Citius Chairman and CEO Leonard Mazur also lauded the addition of LMB head Myron Holubiak as the combined company’s new president and CEO. Mazur will stay on as chairman of the company’s board.
“We are now prepared to seek additional opportunities to expand our product pipeline in critical care and associated treatment areas,” Mazur said in a statement.
Citius said that all “key employees” of LMB joined the combined company in their respective roles.