M&A briefs: BioCryst/Presidio; Pfizer/Nestle; Teva

Shares of USA-based BioCryst Pharmaceuticals (Nasdaq: BCRX) saw its shares rocket as much as 80%, before levelling out and closing Friday with a 7.5% gain to $1.72, when it revealed that that the proposed merger with privately held Presidio Pharmaceuticals had been mutually terminated, as well as the related Investor financing agreement entered into on October 17, 2012. Although the original rationale for the merger had merit, the parties determined that terminating the merger was in the best interest of both companies and their respective shareholders at this time.

The termination of the transaction has been approved by the boards of both companies. In association with the termination, both parties will release each other from all obligations with respect to the proposed transaction. Each company will bear its own legal and transaction fees.

Pfizer completes sales of Nutrition business to Nestle