Targacept (Nasdaq: TRGT) and fellow USA-based Catalyst Biosciences, a privately held biopharmaceutical firm, have entered into a definitive agreement to merge the two companies.
The combined entity, to be named Catalyst Biosciences, is expected to create a financially strong company to harness the catalytic power of engineered human proteases to develop next-generation biopharmaceuticals with improved efficacy and therapeutic index to treat major diseases.
Initially, Catalyst shareholders will own around 65% of the combined company and Targacept shareholders about 35%. The latter will receive a dividend of an aggregate of $37 million in non-interest bearing redeemable convertible notes and around $20 million in cash.
This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.
Login to your accountTry before you buy
7 day trial access
Become a subscriber
Or £77 per month
The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed
Chairman, Sanofi Aventis UK
Copyright © The Pharma Letter 2024 | Headless Content Management with Blaze