Biotie passes up on option to acquire Neurelis

14 July 2014

Finland-based biotech firm Biotie Therapies (Nasdaq-OMX; BTH1V) said on Friday that it has decided not to exercise its exclusive option to acquire Neurelis, a private US specialty pharmaceutical company, under a deal signed last year.

Under the terms of the option and merger agreement, Biotie made a payment of $1.0 million to Neurelis for the exclusive right, but not the obligation, to acquire all of the outstanding shares of the US firm for a pre-defined amount of $8.75 million, subject to certain adjustments, to be paid in new shares of Biotie.

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