PixarBio makes unsolicited bid for InVivo
In a Securities and Exchange Commission (SEC) filing on Tuesday, US firm PixarBio (OTCQX: PXRB) announced that it has issued a press release, dated January 3, 2017, in which the company announced its intention to acquire InVivo Therapeutics (Nasdaq: NVIV).
Like PixarBio, InVivo is a pharma company which was founded by Frank Reynolds, the company’s chief executive. The proposed acquisition, which has been approved by the company’s board of directors, is expected to close in the first quarter of 2017 on the condition that InVivo’s current board serves no role in the surviving company, which will be renamed Reynolds Therapeutics Corporation.
The press release states: “It’s Time to Make Pharma GREAT Again, By Combining Two Frank Reynolds’ Founded Pharmas, PixarBio Corp and InVivo Therapeutics.”
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