Immune Pharmaceuticals to acquire EpiCept under stock merger accord
Privately-held Israeli company Immune Pharmaceuticals and US drug developer EpiCept Corp (Nasdaq: EPCT) yesterday announced that they have entered into a definitive merger agreement. The transaction is anticipated to close during the first quarter of 2013 and is subject to satisfaction of certain customary closing conditions, including the approval of a majority of EpiCept shareholders.
The terms of the merger agreement provide for EpiCept to issue shares of its common stock to Immune shareholders in exchange for all of the outstanding shares of Immune, with EpiCept shareholders retaining around 22.5% ownership of the combined company and Immune shareholders receiving about 77.5%, calculated on an adjusted fully diluted basis.
Combined company focus on inflammatory disease and oncology
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