Idera Pharmaceuticals Announces Termination of Merger Agreement with BioCryst Pharmaceuticals
- Category: More News
- Published on Wednesday, 11 July 2018 13:15
- Hits: 747
EXTON, PA, USA I July 10, 2018 I Idera Pharmaceuticals, Inc. (NASDAQ:IDRA) announced today that the Agreement and Plan of Merger and Reorganization (the “Merger Agreement”) entered into by and among Idera and BioCryst on January 22, 2018, has been terminated. The Merger Agreement was terminated following the July 10, 2018 special meeting of BioCryst stockholders at which BioCryst’s stockholders voted against the proposed mergers. Separately, a majority of Idera’s stockholders voted in favor of the adoption of the Merger Agreement at a special meeting of Idera stockholders, also held on July 10, 2018.
As part of the merger agreement, BioCryst will reimburse Idera $6 million in connection with the termination.
“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,” stated Vincent Milano, Idera’s Chief Executive Officer. “Our tilsotolimod would have been one of the two centerpiece product opportunities of the combined company. 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. While we remain focused on the development of tilsotolimod, if an opportunity arises to further enhance shareholder value and build our company through business development, we will explore it.”
About Idera Pharmaceuticals
Harnessing the approach of the earliest researchers in immunotherapy and Idera’s experience in developing proprietary immunology platforms, Idera’s lead development program is focused on priming the immune system to play a more powerful role in fighting cancer, ultimately increasing the number of people who can benefit from immunotherapy. Idera continues to invest in research and development, and is committed to working with investigators and partners who share the common goal of addressing the unmet needs of patients suffering from rare, life-threatening diseases. To learn more about Idera, visit www.iderapharma.com.
SOURCE: Idera Pharmaceuticals