BioCryst shareholders reject planned merger with Idera

The announcement on January 22 this year that US biotech firms  BioCryst Pharmaceuticals (Nasdaq: BCRX) and Idera Pharmaceuticals (Nasdaq: IDRA) were merging did not go down well with investors, with their shares plunging by as much as 12% and 28%, respectively.

Now the merger has been called off, seeing BioCryst shares rally 7.5% after hours, following flat trade Tuesday to close at $6.14, while Idera shares dropped 16% after hours.

The merger agreement was terminated following the July 10, 2018 special meeting of BioCryst stockholders at which its shareholders voted against the proposed mergers. Separately, a majority of Idera’s stockholders voted in favor of the adoption of the agreement at a special meeting of Idera stockholders, also held on July 10, 2018.