BioSante Pharma and ANI Pharma amend merger terms
USA-based BioSante Pharmaceuticals, Inc. (Nasdaq: BPAX) and privately-held specialty and generic drugmaker ANI Pharmaceuticals said Friday (April 12) that they have entered into a new merger agreement.
On completion of the merger, BioSante will issue to ANI stockholders shares of its common stock such that the former ANI stockholders will own 57% of the combined company’s shares of common stock outstanding, and the former BioSante stockholders will own 43%.
Under their previous all-stock merger accord, valued at $95 million, ANI stockholders would have owned around 53% of the combined company’s shares outstanding, and the former BioSante stockholders about 47% (The Pharma Letter October 5, 2012).
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