BioCryst and Presidio to merge, creating new competitor in HCV arena

USA drugmaker BioCryst Pharmaceuticals (Nasdaq: BCRX) has signed a definitive accord to acquire privately held Presidio Pharmaceuticals in an all-stock transaction that values the latter at around $101 million. The transaction is expected to close in the first quarter of 2013, and is subject to customary conditions, including approval by BioCryst shareholders.

The merger creates a focused, clinical stage biopharmaceutical company with lead programs in high-value infectious and orphan disease indications: hepatitis C (HCV) and hereditary angioedema (HAE), says BioCryst. This new entity would own a unique portfolio of three oral, pan-genotypic antivirals that are suitable either for development in combination with each other or in combination with other direct acting antivirals (DAAs) to treat patients with HCV infection.

The combined company will create a new player to the broad field of oral hepatitis drug development, vying with companies such as Gilead Sciences, Abbott Labs and Achillion among others which have moved to comprehensively treat hepatitis C without the use of interferon.