BioSante and ANI Pharma agree all-stock merger
USA-based BioSante Pharmaceuticals (Nasdaq: BPAX) and privately-held specialty and generic drugmaker ANI Pharmaceuticals have entered into a definitive all-stock merger agreement. The transaction has been approved by the boards of directors of both companies and is currently expected to close in the first quarter of 2013, subject to customary closing conditions.
BioSante shares, which are down 87% in the past 12 months, were halted in recent premarket trading, closing at $1.80 Wednesday, but dipped 1% to $1.78 shortly after the market opened.
The transaction will bring together BioSante’s cash, anticipated future licensing revenues and other assets, including products in development, with ANI’s niche branded and generic pharmaceutical products and contract manufacturing operations, which together generated net sales of over $16 million in 2011. ANI currently generates positive cash flow from operations and has no long-term debt.
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